Required Minimum Distributions or RMD is the minimum amount of money you must withdraw from your retirement plan if you were 72 years young in 2023 or once you turn 73 in 2023.
The rules for RMD apply to all employer-sponsered retirement plans including pensions, 401(k), 403(b), 457(b) and profit-sharing plans as well as any traditional IRA and IRA based plans. As long as the owner of a Roth IRA is still living, there is no RMD requirement.
Normally the financial institution will calculate the RMD for you. The IRS has a worksheet you can use to calculate RMD as well.
What is the required minimum distribution once I reach age 72?
What is an RMD?
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