Required Minimum Distributions for IRAs

If you hold a Traditional, SEP, or SIMPLE IRA, you generally have to start taking a Required Minimum Distribution (RMD) from your IRA when you reach the age of 70½. Roth IRAs do not require an RMD until the death of the account owner.

While there is no maximum to how much you can withdraw from your IRA, you are required to withdraw an amount based on the IRA account balance as of the end of last calendar year divided by a distribution factor from the IRS’s Uniform Lifetime Table.

Calculating your RMD

Use one of the applicable worksheets to calculate your Required Minimum Distribution:

• Required Minimum Distribution Worksheet - use this only if your spouse is the sole beneficiary of your IRA and is more than 10 years younger than you
   
• Required Minimum Distribution Worksheet - for everyone else (use if the worksheet above does not apply)

Read more about RMD's from the IRS.

When you're ready, you can initiate your required minimum distribution on the Withdrawals Page of your account. If you require any assistance with your RMD calculation, please contact us.

Inherited IRAs - if your IRA was inherited from the original owner, see our article on Required Minimum Distributions for Beneficiary IRAs