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Secure Act

SECURE Act

Secure Act Important Update for IRA Owners

Setting Every Community Up for Retirement Enhancement Act 2022 (SECURE Act 2.0)

The SECURE Act 2.0, signed into law on December 29, 2022, included a package of changes to the laws governing retirement plans and Individual Retirement Accounts (IRAs). This document highlights changes that affect Required Minimum Distributions (RMDs).

Please note that the IRA Disclosure Statement and endorsements included with your annuity contract do not yet reflect the changes in the law. We will notify you regarding the updated documents after they are amended to reflect the new rules

Important RMDs changes for IRA owners 

  • SECURE Act 2.0 increases the age certain individuals are required to start taking RMDs from age 72 to age 73:
    • If you turn 72 after December 31, 2022, the deadline for taking your first RMD from your traditional IRA is now April 1 of the year after the year you turn 73.
    • If you turned 72 prior to January 1, 2022, this rule change does not apply to you, and you must continue taking RMDs.
  • The RMDs age increases to 75 in 2033 for an individual who turns age 74 after December 31, 2032.
  • Effective immediately, the penalty for not taking your RMD is reduced from 50% of the RMD amount to 25%, and as low as 10% if the mistake is corrected in a timely manner.

Please speak with your tax and/or legal professional regarding questions you have regarding these rules and your particular situation.

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Secure Act Disclaimer

This material has been prepared for general and educational purposes only. The material does not provide fiduciary recommendations concerning investments, nor is it intended to serve as the primary basis for investment decision-making. American National, its affiliates, and its associates do not provide legal or tax advice. Any tax-related discussion contained in the material is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any tax penalties or (ii) promoting, marketing, or recommending to any other party any transaction or matter addressed herein. Please consult your independent legal counsel and/or tax professional regarding any legal or tax issues raised in this material.



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American National is a group of companies writing a broad array of insurance products and services and operating in all 50 states.  American National Insurance Company was founded in 1905 and is headquartered in Galveston, Texas. Life insurance, annuities, health insurance, credit insurance, pension products, and other products and services are written through multiple companies. Property and casualty insurance is written through American National Property And Casualty Company, Springfield, Missouri, and affiliates. In New York, business is written through Farm Family Casualty Insurance Company, United Farm Family Insurance Company, and American National Life Insurance Company of New York, Glenmont, New York. Not all products and services are available in all states. Not all companies are licensed in all states. Each company has financial responsibility only for the products and services it issues.

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