Required Minimum Distribution (RMD)
RMD, or required minimum distribution, is how the IRS generates taxable income from your hard earned retirement nest egg. You cannot keep your retirement assets untouched indefinitely. The RMD law affects those with retirement accounts, excluding ROTH IRAs. Your RMD is the minimum amount you must withdraw from your account each year. After the SECURE Act (Setting Up Every Community Up for Retirement Enhancement) was passed, the RMD age moved from 70.5 years to 72 years of age. Basically if your 72nd birthday is after July 1, 2019 then you don’t have to take your first RMD until April 1 in the…
The skinny
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