The earliest you can take your first Required Minimum Distribution (RMD) is January 1st of the year you reach age 73.
You and your spouse each need to calculate your RMDs separately. The RMD will be based on the fair market value of the account(s) as of December 31st of the prior year. You can withdraw the entire required amount from just one or any combination of your IRAs. However, for other types of retirement plans like 401(k)s, the RMD must be taken from that specific account.
Note that RMDs are not required for all investment accounts. RMDs are required from the following:
- Profit-sharing plans
- 401(k) plans
- 403(b) plans
- 457(b) plans
- Traditional IRAs
- SEPs
- SARSEPs
- SIMPLE IRAs
- Roth IRA beneficiaries
Here are a few resources I've selected for your review:
IRS: Retirement plan and IRA required minimum distributions FAQs
IRS: Retirement topics - Required minimum distributions (RMDs)
TurboTax: What are required minimum distributions (RMD)?
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