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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.
Individuals with tax-deferred accounts must take required minimum distributions (RMDs) once they reach a certain age. Read on to learn three important RMD rules that every investor should know ...
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 ...
The RMD is calculated by dividing the balance of your retirement account at the end of the previous year (2023) by your "distribution period" -- a number the IRS sets based on your age.
For example, if you're turning 73 this year and you have a retirement account with a balance of $100,000 at the end of 2023, you'd divide $100,000 by the 26.5 distribution period for 73-year-olds ...
RMDs for a given year must be taken by December 31 of that year, though you get more time the first year you are required to take an RMD. If you have questions about retirement income planning, a ...