Required Minimum Distributions (RMDs)

Need-to-know retirement savings information

Does RMD apply to you?

If you have an employer-sponsored retirement plan (including 401(k) and 403(b) plans) or a Traditional IRA, you will be required to take a RMD. As of January 1, 2023, 73 is the age at which investors must start receiving distributions from most tax-deferred retirement plans. If you turned 72 before December 31, 2022, your RMD age will remain at 72.

Taking Your First RMD Withdrawal

You have two time-frame options for your first RMD:

You can take your first distribution between January 1 and December 31 of the year you reach age 73.
OR
You can take your first distribution between January 1 and April 1 of the year following the year you reached age 73, but you must also take the second required distribution by December 31 of that year — resulting in two distributions in the same year.

Certain employer-sponsored retirement plans (such as 401(k) and 403(b) plans) will allow you to delay the RMD until you retire from the employer that sponsors the plan. IRAs do not have this option.

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Calculating Your RMD

Determine your RMD by dividing the value of your accounts subject to RMDs as of December 31 of the preceding year by the distribution period that corresponds to your age in the Uniform Lifetime Table.

Retirement Plan Assets ÷ Distribution Period

Use our calculator to determine your RMD as an account owner of a retirement account. This financial calculator will also look at potential future year's distribution requirements.

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Tax Implications

RMDs are subject to federal income tax and in some cases may also be subject to state taxes. Distributions from after-tax contributions may not be taxable.

To learn more about RMD rules and regulations, simply select the button below or call 1-888-98-GUIDE (1-888-984-8433). It is our privilege to serve you!

Take an in-depth look at additional RMD information

Persons with spouses more than 10 years younger may be able to take advantage of a longer distribution period. Please see IRS Publication 590 for details.