If you're age 72 or older, take your required minimum distribution now to avoid a big penalty or a double-dip next year.Newsletter sign up When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. ...
So at age 72 the immediate annuity could be said to "over distribute" a larger share of your $100,000 than is required if you left the money in an IRA. A lifetime annuity would continue to pay you $7,250 a year for the rest of your life. Yet, the RMD table does not require ...
The age used to be 70 1/2, but rose to 72 starting January 1, 2020, under the SECURE Act of 2019. Under the SECURE 2.0 Act of 2022, the age rose again to 73, starting in 2023, with provisions to raise it to 75 by 2033. RMD amounts differ based on individual circumstances; ...
If you are under 75 and this RMD is from a 403(b) plan, you may not be required to take distributions on the balance in your account before 1987 until you reach age 75. You may need to contact a financial planner or CPA to determine if this exception applies to your RMD. IMPORTANT...