IRA

pj1952 — Tue, 24 Feb 2026 06:40:59 GMT

I am 71 right now and turn 72 in January 2024. I have an IRA account and I believe I need to start taking withdraws next year when I turn 72.

First is the age correct?

Then how much do I need to withdraw?

Do I have from my day turning 72 to December 31 to withdrawn the required amount?

My account is currently way down because of stock loss. Does that make any difference?

Re: IRA

KarenL4 — Wed, 28 Jun 2023 16:19:24 GMT

Hi,

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 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.

While I know this isn't the case for you, it's interesting to know that 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.

The fact that your account is down in value (sorry about that) is irrelevant to the RMD except that it will impact the amount that must be withdrawn (it will be less than if your account balance was higher).

Please give a thumbs up to cheer below if this answer helps!

Best,

Karen

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