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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.
So if your employer plan comes with a Roth savings feature, you may want to take advantage of it. One benefit of a Roth 401(k) over a Roth IRA is that you may be eligible for an employer contribution.
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.
Required minimum distributions (RMDs) -- the mandatory annual withdrawals seniors have to take from most retirement accounts beginning in the year they turn 73 -- can sound like a big deal. After ...
[a] [28] [29] Required minimum distributions apply to both traditional contributions and Roth contributions to a 401(k) plan. A person who is required to make a required minimum distribution, but does not do so, is subject to a penalty of 50% of the amount that should have been distributed.
The deadline for 2024 required minimum distributions (RMDs) has passed for most seniors. But if you turned 73 last year, you actually have until April 1, 2025, to make your first RMD.
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