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Will the Age for Required IRA Withdrawals Go Up in 2023?

Will the Age for Required IRA Withdrawals Go Up in 2023?

Tens of millions of Americans use IRAs to help them save for retirement. Traditional IRAs allow many taxpayers to deduct the amount that they initially contribute, and then they get tax-deferred treatment on income and gains on their investments, as long as they remain within the IRA. Unfortunately, all good things must come to an end, and for traditional IRAs, there comes a time when people must start taking required minimum distributions (RMDs) from their retirement accounts.