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