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Later Retirement Account Withdrawals: More Time to Save

This new law allows citizens to save longer for retirement by increasing the mandatory withdrawal age from 72 to 75. This means retirement funds can continue to grow for a longer period, potentially increasing future benefits. The changes apply to individuals who turn 72 after December 31, 2021.
Key points
The mandatory age for starting withdrawals from retirement accounts (e.g., IRAs, 401(k)s) is raised from 72 to 75.
Beneficiaries of retirement accounts will also be able to delay withdrawals until age 75.
The changes are effective for individuals who turn 72 after December 31, 2021, giving them more time to accumulate savings.
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Additional Information
Print number: 117_S_1959
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2021-06-07
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Keeping Your Retirement Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1959.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-07.

What are the main provisions?

Key points include:

  • The mandatory age for starting withdrawals from retirement accounts (e.g., IRAs, 401(k)s) is raised from 72 to 75.
  • Beneficiaries of retirement accounts will also be able to delay withdrawals until age 75.
  • The changes are effective for individuals who turn 72 after December 31, 2021, giving them more time to accumulate savings.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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