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 afte…
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The Top 3 Rules You Must Know
Before Doing any Transactions with Your Retirement Accounts
