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Data source: IRS. Keep in mind you can delay your first required minimum distribution until April 1 of the following year. That said, your next distribution must come out by Dec. 31 of that year ...
And if you want to start taking distributions under the age of 59.5, you can also roll over the assets into an inherited IRA to avoid the 10% IRS early-withdrawal penalty.
3. Workplace retirement plans have an RMD exception. If you have a retirement plan at work, such as a 401(k) or 403(b), there’s an important RMD exception.
Image source: Getty Images. RMDs begin at age 73 for individuals born in 1951 or later. Traditionally, required minimum distributions (RMDs) have started at age 70 and 1/2 (born before July 1949 ...
The RMD on his traditional IRA is $10,000 this year. If John fails to withdraw that amount by April 1, 2025, he may be liable for a 25% excise tax, which means $2,500 (25% of the RMD amount).
If you’ve reached age 72, you must take RMDs. Use this table as a guide.
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