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Whether you need to take an RMD if still working depends on the type of account you have. If you only have a traditional IRA, then you’d need to plan for RMDs beginning at age 72, regardless of ...
3. Workplace retirement plans have an RMD exception. If you have a retirement plan at work, such as a 401(k) or 403(b), there’s an important RMD exception.
Although the rules require RMDs to begin by April 1 of the year after the individual reaches age 72, [a] participants in an employer-sponsored plan can usually wait until April 1 of the year after retirement (if later than age 72 [a]) to begin distributions unless the individual owns 5% or more of the employer who is sponsoring the plan.
Image source: Getty Images. 1. Roth 401(k)s are no longer subject to RMDs. Anyone who opted into their workplace's Roth 401(k) and used it as their only retirement account could've been in for a ...
In most cases, you can postpone taking RMDs from a workplace retirement plan -- like a 401(k), 403(b) or 457(b) -- until you retire. There are exceptions, and this option isn't available for IRAs.
Required minimum distributions (RMDs) are withdrawals you have to make from most retirement plans (excluding Roth IRAs). The age for withdrawing from retirement accounts was increased in 2020 to ...
If you turned 72 during or before the year 2022, you must begin taking required minimum distributions from qualifying retirement accounts on the later of either: On April 1 the year after you turn 72
Essentially, an RMD is an annual withdrawal from a pre-tax retirement account, mandatory under Internal Revenue Service (IRS) rules. These include 401(k)s, 403(b)s, 457s, the government TSPs, and ...