Hi bonitacsmith2,
Thanks for the question, "Is there a point/age that we have to start taking money out of our accounts?"
Yes, you generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan accounts when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022).
Roth IRA's, however, do not require withdrawals until after the death of the owner, while
designated Roth accounts, in a 401(k) or 403(b) plan, are subject to the RMD rules for 2022 and 2023.
**Note, for 2024 and later years, RMDs are no longer required from designated Roth accounts. 2023 RMDs due by April 1, 2024, are still required.
For additional information on RMD's go here:
IRS: Required Minimum Distributions
IRA Retirement Distribution FAQ's
Hopefully this information helps!
Thanks,
Terri
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Terri Lynn
