Definition
You reach age 70 1/2 ( 70.5) 6-months after the 70th anniversary of your date-of-birth.
The significance of age 70 1/2
The significance of age 70 ½ is that:
- For required minimum distribution (RMD) purposes: If you reached age 70 1/2 before 2020, your required beginning date is April 1, of the year that follows the year in which you reached age 70 ½ , unless a permissible exception applies. See 5% owner.
The age is increased to 72 for those who reach age 70 1/2 after 2019. SECURE Act 2.0 increased it further. See Applicable RMD age
- For qualified charitable distributions (QCDs): You may make a QCD on or after the date you reach age 70 ½. Not before then.
Referring Cite
Treas. Reg. 1.401(a)(9)-2, Q&A 3
Additional Helpful Information
An individual attains age 70½ as of the date six calendar months after the 70th anniversary of the individual’s birth. For example, if an individual’s date of birth was June 30, 1948, the 70th anniversary of such individual’s birth is June 30, 2018.
For those who each age 70 ½ before 2020: Such individual attains age 70 ½ on December 30, 2018 and the required beginning date would be April 1, 2019 . However, if the individual’s date of birth was July 1, 1948, the 70th anniversary of such individual’s birth would be July 1, 2018. Such an individual would then attain age 70 ½ on January 1, 2019 and such individual required beginning date would be April 1, 2020
For employer sponsored retirement plans: if the individual is a 5–percent owner or retired, such individual’s required beginning date is April 1, 2019. Otherwise, the required beginning date could be deferred past age 70 ½ ( 72 as of 2020) until retirement . (Treas. Reg. 1.401(a)(9)-2, Q&A 3).
