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How Much Is the Required Minimum Distribution (RMD) if You Have $1 Million in Your Retirement Account?
The older you are, the more you're required to withdraw.
Are you going to be 73 years old or older at some point this year, and do you have money sitting in an individual retirement account? If your answer to both questions is yes, here's the good and bad news: The IRS is going to make you take at least some of this money out of the account soon. It's called a required minimum distribution (or RMD).
But how much? It partially depends on the IRA's value as of the end of last year, but the number will also vary with age. The older you are, the proportionally bigger the required annual withdrawal gets.
To this end -- and just for perspective – here's a rundown of the required minimum distributions for a $1 million retirement account at a range of ages. Notice that the growth of the RMD accelerates as you move toward and past the average life expectancy.
