That’s why the government has a schedule telling you what percentage of your 401(k) account you must withdraw, every year, starting at age 72. These withdrawals are called required minimum distributions (RMDs). You may take out more, but you may not take out less. The government offers ...
2Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking RMDs to age 73. If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025, for 2024. If you reached age 73 in 2023, you are subject to the age 72 RMD rule in...
However, if you wait until next year to start your RMDs, you'll have two distributions in the same year, which could make for a much bigger tax bill. If you're charitably inclined and don't need the RMD for your living expenses, consider making a qualified charitable distribution (QCD)...