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This requirement is called a required minimum distribution, or RMD. Your first RMD must occur by April 1st of the year after you reach age 70 ½, but most people will find it most tax-efficient to take their first distribution in the year they reach age 70 1/2. Example: Bob’s birthday is in February.What is the minimum age for an IRA distribution?
Required Distributions. You must start taking required minimum withdrawals from a traditional IRA at age 70 1/2, starting no later than April 1 of the year after you turn that age. The minimums are calculated, usually by an IRA trustee, based on the amount in the IRA and life expectancy of the account holder and a beneficiary such as a spouse.When to take minimum required distribution?
The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.How do you calculate minimum required distribution?
The required minimum distribution is calculated by dividing the account balance at the end of the previous year by a minimum distribution factor.