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What is the "Required Minimum Distribution"(RMD) for a Traditional IRA?
What is the "Required Minimum Distribution"(RMD) for a Traditional IRA?

A required minimum distribution (RMD) is a required distribution from a traditional, SEP, or SIMPLE individual retirement account (IRA) and qualified plan participants of retirement age. As of 2020, the first distribution must be made by April 1st following the year you turn 72 (before 2020, the RMD age had been 70½ years old). In subsequent years, the distribution must be made by December 31st. The participant must determine the minimum amount required to be distributed each year. The participant can always withdraw more than the required minimum distribution. Please consult a tax advisor in regards to calculating your RMD amount.

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