Required Minimum Distributions: Know Your Deadlines
RMDs are minimum amounts that you must withdraw annually from your IRA or other retirement plan account.
Did you know that, in most cases, you must start taking required minimum distributions (RMDs) from your retirement accounts each year once you reach age 73? IRS rules require that you take withdrawals from individual retirement accounts (IRAs) and employer-sponsored retirement plans to avoid costly penalties.
Be sure you understand the requirements about RMDs and how they apply to you.
RMDs are minimum amounts that you must withdraw annually from your IRA -- including traditional, SEP and SIMPLE plans -- or other retirement plan account -- including 401(k), profit-sharing, 403(b) and 457(b) plans -- once you've reached the mandatory age for making withdrawals. Generally, you must begin taking RMDs by April 1 of the year following the year that you turn age 73, and you must take subsequent RMDs by December 31 of each year, beginning with the year in which you were required to make your first withdrawal.
