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Hello MikeysGirl,
Once a person turns 72 they must begin taking Required Minimum Distributions (RMD) each year. The RMD rules apply to all employer-sponsored retirement plans, such as pensions, profit-sharing, 401(k), 403(b), and 457(b) plans, as well as Traditional IRAs and IRA-based plans, such as SEPs, SARSEPs, and SIMPLE IRAs. You can take out amounts larger than the RMD, but you must at least take out the RMD amount. Your plan administrator would help you make those calculations.
The person must begin RMD from all accounts. You are not able to do the accounts one at a time, meaning you use one up first then move to the next. The RMD applies to all accounts at the same time.
This link from the IRS FAQ Q.4. has the information on how RMD are calculated.
Retirement Plan and IRA Required Minimum Distributions FAQs
I hope this answered your question.
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