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For example, if you have one IRA with a $4,000 RMD and another with a $6,000 RMD, you can take $10,000 from one, $5,000 from each, or any combination you like as long as it totals $10,000. 401(k)s ...
Anyone with a 401(k), traditional IRA or similar tax-deferred retirement account eventually is going to face the requirement to start taking required minimum distributions (RMDs) from their accounts.
Required minimum distributions (RMDs) have soared to new heights in 2024 — here are 4 facts all retirees need to know about mandatory withdrawals from retirement accounts
Although the rules require RMDs to begin by April 1 of the year after the individual reaches age 72, [a] participants in an employer-sponsored plan can usually wait until April 1 of the year after retirement (if later than age 72 [a]) to begin distributions unless the individual owns 5% or more of the employer who is sponsoring the plan.
If you can check off all three of those boxes, then you can delay taking RMDs from your account until April 1 of the year after you retire or leave your employer. That can get tricky, however ...
So if you turn 72 on Oct. 5, then your RMDs must begin starting on April 1 of the next calendar year. The amount you’re required to withdraw is based on your account balance and life expectancy.