I'm 77 years old. What is RMD?

[i-adame38]

What is the Required Minimum Distribution?

[Vanessa A]

The RMD is the amount that someone who has reached the age of 73 is required to withdraw from their retirement accounts.  It is based on a life expectancy factor and prior year-end account balance.  If this withdrawal is not taken, then the IRS may impose a penalty on the amount that should have been taken.  This primarily applies to accounts such as 401(k)s and IRAs.  If you have a pension, it counts too, but since you are getting a monthly withdrawal, that pension is meeting the RMD for that plan

What are required minimum distributions (RMD)?