The 2019 SECURE Act raised the age at which those with qualifying retirement plans must begin taking annual required minimum distributions (RMDs) from 70 ½  to 72 years. If you turned 70 ½ in 2019, you must still take your 2019 RMD by April 1, 2020. However, if you were under 70 ½ years of age on December 31, 2019, you need to take your first RMD by April 1 of the year after you reach 72.

Due to the SECURE Act being signed into law near the end of December 2019, some banks may have sent out incorrect notices about RMDs in January 2020. If you turn 70 ½ in 2020 and received a notice from your retirement account manager that you must take a 2020 RMD, you should receive a correction notice by April 15, 2020 stating that no RMD is due this year.