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If you’ve reached age 72, you must take RMDs. Use this table as a guide.
What Is a Required Minimum Distribution (RMD)? An RMD is the minimum amount of money you must withdraw from a tax-deferred retirement plan and pay ordinary income tax rates. The age to begin RMDs ...
Some retirement accounts have required minimum distributions, including: Employer-sponsored retirement plans, such as traditional 401(k) , traditional 403(b) and 457(b) plans Traditional IRA
Required minimum distributions (RMDs) are minimum amounts that U.S. tax law requires one to withdraw annually from traditional IRAs and employer-sponsored retirement plans and pay income tax on that withdrawal. In the Internal Revenue Code itself, the precise term is "minimum required distribution". [1]
One of the biggest advantages to investing in a qualified retirement plan like a 401(k) or an individual retirement account (IRA) is tax-deferred growth on your savings.
For instance,if you have more than one 401(k), you must calculate and withdraw your RMD separately from each of them. But if you have multiple IRAs, you can determine your aggregate RMD.