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How was 59.5 years decided as the age for withdrawal from American retirement accounts?
How was 59.5 years decided as the age for withdrawal from American retirement accounts? I understand that the traditional IRA and 401K came into practice in the 1970's, but I can't find an explanation for how the oddly specific age of 59 and half years was determined as the minimum for penalty free withdrawal. I know that the age for RMDs has been bumped up to accommodate changes in life expectancy.
submitted by /u/risingsea...
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