Hi,
Great question!
The need to take an RMD (required minimum distribution) is dependent upon the type of retirement account you have. Owners of traditional IRA, and SEP and SIMPLE IRA accounts must begin taking RMDs once the account holder is age 72 (73 if you reach age 72 after Dec. 31, 2022), even if they're retired. Account owners in a workplace retirement plan (for example, 401(k) or profit-sharing plan) can delay taking their RMDs until the year they retire, unless they're a 5% owner of the business sponsoring the plan. I recommend you talk to your retirement plan company for more information and you can also access this article for some more helpful information about RMD's.
If you are required to take an RMD, this article does a great job of addressing that first year of RMD timing considerations.
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