Retirees turning 73 in 2024 must start payments

Retirees turning 73 in 2024 must start receiving payments from retirement plans by April 1, 2025. This is a change from previous rules, allowing some to defer their first required minimum distribution (RMD) until that date. The RMD applies to traditional IRAs, 401(k)s, and similar plans, but not to Roth IRAs. Taxpayers must report their first distribution in 2025 on their tax return, along with any regular distributions. Some retirees may have options to delay RMDs based on their workplace plans. Public school employees and certain tax-exempt organization staff should consult their plan administrators for specific guidance.