April 2023
The IRS gave notice in Notice 2023-23 to financial institutions on reporting required minimum distributions (RMDs) for 2023 after the amendment to section 401(a)(9) of the Internal Revenue Code made by the Consolidated Appropriations Act, 2023, (the Act).

The Act was enacted on December 29, 2022, called “SECURE 2.0 Act of 2022” (SECURE 2.0 Act). This included a number of retirement savings provisions. The most significant for most of us was amended section 401(a)(9)(C) of the Code to delay the required beginning date applicable to section 401(a) plans and individual retirement accounts (IRAs). For an IRA owner who turns 72 after December 31, 2022, and 73 before January 1, 2033, the new required beginning date (that is, the date by which RMDs must begin) is April 1 of the calendar year following the calendar year in which the individual attains age 73, rather than April 1 of the calendar year following the calendar year in which the individual attains age 72. This amendment is effective for distributions required to be made after December 31, 2022, with respect to individuals who will attain age 72 after that date. As a result, IRA owners turning 72 in 2023 (that is, individuals born in 1951) will have a required beginning date of April 1, 2025, rather than April 1, 2024.

This delay in the required beginning date means that these IRA owners (who, prior to enactment of the SECURE 2.0 Act, would have been required to take minimum distributions from their IRAs for 2023) will have no RMD due from their IRAs for 2023.

In theory this means that those affected have another year or two to grow their retirement funds before having to take distributions. On the other hand, this means that when distributions are taken, a larger amount will be distributed and subject to tax.

Retirement and IRA expert Ed Slott has pointed out that it may make sense to withdrawal from the IRAs earlier with result that taxes can be stretched out. Also, tax rates increase in a few years, so tax actually paid will be lower now. Other consumer financial experts, such as Kiplinger, also point out that one cannot assume that delaying distributions is better. One has to calculate the tax against the possible gain.

Suggestion: Have a financial advisor or a Certified Public Accountant who can calculate the tax scenarios for you so you can actually see what is likely the best result for yourself.
Wayne Brady is able to find humor in almost any situation. This trait has won the hearts of audiences around the world throughout Brady's two-decade career as a comedian, actor, musician and TV host.

It's also served him well as an Alzheimer's caregiver for his grandmother, Valerie Petersen, who raised him from the time he was a baby. To Brady, she's always been "Mom."

Brady, who struggled with a stutter as a child, fell in love with performing in high school after a friend invited him to take a one-line role in a play. As soon as he took the stage, he discovered his stutter had vanished. He joined a local improv troupe and finally felt like he had found his calling.

In 1996, Brady moved to Los Angeles to pursue his passion, and doors began to open. Just two years later, he landed a role on the popular TV show "Whose Line Is It Anyway?" and became a household name.

Over the next decade, Brady would go on to host "The Wayne Brady Show," appear on Broadway and in dozens of TV shows and movies, win five Emmy Awards and earn a Grammy Award nomination. He became the host of "Let's Make a Deal" in 2009 — a TV show he used to watch with Valerie when he was young — and added a special trademark, saying "I love you, Mom" at the close of every episode.

In 2018, Valerie began experiencing memory changes. Brady had to take on a new role: caregiver.

"She said she felt like she was in a fog — forgetting names, or forgetting what she was doing in a certain place or why she was there," Brady says. "That's when we got very concerned and took her to the doctor."

Valerie was diagnosed with Alzheimer's disease. Over the next three years, Brady watched her devastating decline as the disease progressed. Despite the heartbreak, Brady says that finding moments of humor helped get his family through the pain.