Estimate Your RMD
When you reach age 73, the IRS requires you to begin taking annual withdrawals from your retirement accounts. Because these rules have changed recently, it is important to understand how they apply to your specific situation. You can use this tool to estimate your Required Minimum Distribution (RMD) based on your age and account balances.
Inputs
Results
RMD regulations have shifted in recent years, including an increase in the starting age and updated life expectancy tables. If this figure differs from what you expected, it likely reflects these new federal guidelines. While this estimate provides a baseline, a tax or financial professional can help you evaluate how these rules apply to your specific goals.
Withdrawals from your 401(k), traditional IRA, or any other defined contribution plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.
Note:
This estimate uses the IRS Uniform Lifetime Table, which applies to most retirees. This calculation assumes that:
- You are unmarried.
- or You are married, and your spouse is not more than 10 years younger than you.
- or Your spouse is not the sole beneficiary of your account.
If your spouse is your sole beneficiary and is more than 10 years younger than you, a different IRS table applies, typically resulting in a lower required withdrawal.
Have A Question About This Topic?
Related Content
How the SECURE Act 2.0 Changed RMDs
Understand how SECURE Act 2.0 affects RMDs and how using a QCD can possibly benefit both taxes and charitable goals.
Retirement Realities
Many pre-retirees can become focused on the “ideal” retirement, but turning that dream into a reality can be tricky.
Consider These 3 Things Before Driving Off the Lot
Here are 3 quick tips to keep in mind when buying or leasing your next vehicle.