You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½. However, changes were made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act which was part of the Further Consolidated Appropriations Act, 2020,P.L. 116-94, signed by the President on December 20, 2019. Due to changes made by the SECURE Act, if your 70th birthday is July 1, 2019 or later, you do not have to take withdrawals until you reach age 72. Roth IRAs do not require withdrawals until after the death of the owner.

While the tax or legal information provided is based on our understanding of current laws, the information is not intended as tax or legal advice and should not be relied upon as tax or legal advice.  Federal tax laws are complex and subject to change. Neither LPL Financial nor its registered representatives, provide tax or legal advice.  As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.