I’d like to see the minimum age that you have to start taking IRA distributions raised or abolished. I think it’s 70 currently.
The minimum age to withdraw from a traditional IRA without penalty is 59 and 1/2, The money you withdraw after 59 1/2 is taxed as ordinary income unless it’s a Roth IRA in which case you paid the tax up front, and your money is not taxed a second time.
Of course you don’t have to start withdrawing at 59 1/2 but when you reach age 70 1/2 you are required to start annually withdrawing equal amounts based on IRS life expectancy charts, and pay tax accordingly. (The goal is to collect the tax, not to deplete your IRA - you could simply withdraw the cash, pay the tax, and reinvest what’s left elsewhere.)