How Much Is the Required Minimum Distribution (RMD) if You Have $250,000 in Your Retirement Account?
Required minimum distributions (RMDs) are one way the IRS ensures you pay taxes on money you have saved in tax-deferred retirement accounts, such as a 401(k) or traditional IRA.Since you receive a tax break on the front end, the IRS wants to avoid situations where someone doesn't take any withdrawals and the money grows tax-free indefinitely.RMDs begin in the year you turn 73 with the exact amount you're required to withdraw determined by your age and account balances. With that in mind, here's how much an RMD is if you have $250,000 in tax-deferred accounts.Continue reading
Required minimum distributions (RMDs) are one way the IRS ensures you pay taxes on money you have saved in tax-deferred retirement accounts, such as a 401(k) or traditional IRA.
Since you receive a tax break on the front end, the IRS wants to avoid situations where someone doesn't take any withdrawals and the money grows tax-free indefinitely.
RMDs begin in the year you turn 73 with the exact amount you're required to withdraw determined by your age and account balances. With that in mind, here's how much an RMD is if you have $250,000 in tax-deferred accounts.
