New Retirement Bill Would Boost RMD Age to 75
May 15, 2019 by Melanie Waddell
Sens. Ben Cardin, D-Md., and Rob Portman, R-Ohio, reintroduced legislation late Monday that would raise the required minimum distribution age from 70 ½ to 75 and also help workers pay off their student loans.
Cardin and Portman’s Retirement Security and Savings Act of 2019 overlaps with some provisions in the Retirement Enhancement and Savings Act (RESA) of 2019, which was introduced on April 1, but RESA only raised the RMD age to 72.
The RESA bill, introduced by Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and ranking member Ron Wyden, D-Ore., is similar to H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which is expected to get a vote on the House floor before Memorial Day weekend.
Click HERE to read the full article via ThinkAdvisor.
