The beginning age for taking required minimum distributions rises to 72 from 70 1/2. This easing applies to account owners who turn 70 1/2 after 2019. So if you turned 70 1/2 in 2019, you must still take your first RMD by April 1, 2020. Employees who work past age 72 can delay taking RMDs from the 401(k) plan of their current employer until after they retire (although this easing does not apply to individuals who own more than 5% of the company that employs them). Owners of traditional IRAs can now make contributions past the age of 70 1/2. Repeal of the 70 1/2 maximum age applies to contributions made for 2020 or later. People having a baby or adopting can take payouts from IRAs and 401(k)s of up to $5,000, without having to pay the 10% fine for pre-age-59 1/2 withdrawals.