How Much Is the Required Minimum Distribution (RMD) If You Have $750,000 in Your Retirement Account?
One of the biggest appeals of accounts like 401(k)s and traditional IRAs is the up-front tax break, with the chance to lower your taxable income.Unfortunately, this doesn't exempt you from taxes; it just delays them until you make withdrawals in retirement. And to ensure you'll eventually make those withdrawals, the IRS has required minimum distributions (RMDs).RMDs begin in the year you turn 73, and the exact amount you're required to withdraw varies depending on your age and account balance. Here's how much your RMD could be if you have $750,000 in tax-deferred accounts.Continue reading
One of the biggest appeals of accounts like 401(k)s and traditional IRAs is the up-front tax break, with the chance to lower your taxable income.
Unfortunately, this doesn't exempt you from taxes; it just delays them until you make withdrawals in retirement. And to ensure you'll eventually make those withdrawals, the IRS has required minimum distributions (RMDs).
RMDs begin in the year you turn 73, and the exact amount you're required to withdraw varies depending on your age and account balance. Here's how much your RMD could be if you have $750,000 in tax-deferred accounts.
