Blog
11.27.2024
Traditional IRA Holders: RMD Reminder
5 Facts About Your
Required Minimum Distribution (RMD)
1. If you have a traditional IRA, the IRS requires that you must take an RMD for each year beginning the year you reach age 73.
2. The deadline for taking your first RMD is April 1st of the year following the year in which you turn 73. This is the only year that you will have beyond the calendar year to take your RMD.
3. The deadline for taking your RMD for every year after you reach 73 is December 31st.
4. RMDs are calculated separately for each IRA you may have at any number of institutions, but then may be aggregated and the total amount taken from one IRA.
5. Your RMD may not be rolled over to another IRA or converted to a ROTH IRA.
To find out more about your RMD, or to setup an automatic disbursement, visit your local branch or call us at (800) 562-7328.
