Retired taxpayers over 59½ years of age at the end of the year must receive minimum distributions from defined contribution plans or they are subject to a penalty.

Question

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Retired taxpayers must start taking required minimum distributions (RMDs) from defined contribution plans at age 72, not 59½. The age 59½ is relevant for penalty-free withdrawals, not for mandatory distributions.

Retired Taxpayers Over 59½ Years of Age at the End