Once you reach age 72, you must take an RMD.
The minimum amount you must withdraw from your SEP/SIMPLE/traditional IRA (not a Roth IRA), 401(k), profit-sharing, 403(b), or other defined contribution plan each year is called your Required Minimum Distribution (RMD).
If your 70th birthday is July 1, 2019 or later, you don’t have to take withdrawals until you turn 72.
You must start taking your RMD by April 1 of the first calendar year after either of these scenarios, whichever happens last:
- You turn 70½ if you were born before July 1, 1949 or you turn 72 if you were born after June 30, 1949
- You retire from employment with the employer maintaining the plan
However, the plan may require you to begin receiving distributions by April 1 of the year after you turn 72, even if you haven't retired.
If you delay the first distribution until the following April 1, you'll have two distributions that year, as the second distribution is due by December 31.
You can avoid including income from both of these distributions in the same year if you take your first RMD withdrawal by December 31 of the year you actually turn 72.
