Changes to the age for required minimum distributions from retirement accounts could be made after the 2018 mid-term elections, said Richard L. Kaplan, an internationally recognized expert on tax policy and retirement issues, and the Guy Raymond Jones Chair in Law at Illinois.

In an interview with the Illinois News Bureau, he discusses potential changes to when senior citizens must tap their retirement accounts.

"Tax law has long required that investors in almost all retirement savings plans begin taking funds out of their plans starting at age 70 ½ or face a prohibitive penalty of 50 percent of the amount that should have been withdrawn.

"The rules exist in the first place because retirement savings plans such as 401(k) plans, individual retirement accounts and other defined-contribution retirement arrangements provide significant tax benefits to encourage people to save for their retirement. Specifically, no income tax is due on amounts contributed to these plans or on investment earnings until funds are withdrawn from the plans. The so-called 'required minimum distribution' rules make sure that these plans are used to fund the owner’s retirement rather than the heirs’ inheritance."

Read the full interview.