IRS regulations require that you begin taking “Required Minimum Distributions (RMD)” in the year that you turn 70 ½ from any tax-sheltered retirement plans that you established for yourself or through your employer. Then you must take a distribution every year thereafter until you die. You can withdraw as much as you like each year, but you must make the RMD.
Since this affects me personally and most of you, I decided to prepare a write up of the basic rules. The penalty for failing to take a RMD when one is required is so severe (50% of the RMD not taken) that it would never pay to do so.
This writeup will have a hotlink in the left margin called “RMD”. I also created a Forum called “Required minimum distributions” where we can talk about specific issues that might affect you.
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