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Taking required minimum distributions
You’ll have to start taking a required minimum distribution from all your IRAs and qualified retirement plans—except Roth IRAs—once you turn age 70½. 


The minimum you must withdraw is calculated by dividing your account balance by life expectancy figures published in IRS Publication 590. You’ll pay ordinary income taxes on the taxable portion of your withdrawal. 
Plan to withdraw at least the minimum amount required. If you don’t, you may be hit with a 50% federal penalty tax on the difference between the amount you withdrew and the amount you should have withdrawn. You’ll still have to withdraw the required amount and pay any income tax due on the taxable amount.

Your financial advisor can help you work through your retirement income and required minimum distribution calculations.


Having multiple retirement accounts means having to calculate the required minimum distribution for each. The calculation—and managing your retirement income— is easier if you consolidate your retirement accounts, if possible.
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