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Frequently Asked Questions

What is your required minimum distribution?

Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 70½.

When do you have to take a required minimum distribution from Ira?

IRA Withdrawals: Required Minimum Distributions Once you reach age 72 (70½ if you turned 70½ before Jan 1, 2020), you are required to take annual Required Minimum Distributions (RMDs) from your retirement accounts.

When do owners of more than 5% of a business receive distributions?

5% owners If you own more than 5% of the business sponsoring the plan, then you must begin receiving distributions by April 1 of the year after the calendar year in which you reach age 70½ (age 72 if born after June 30, 1949), even if you have not retired. Date for receiving subsequent required minimum distributions

When do I have to take my first retirement distribution?

The first year following the year you reach age 70½ you will generally have two required distribution dates: an April 1 withdrawal (for the year you turn 70½), and an additional withdrawal by December 31 (for the year following the year you turn 70½).

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