February 25th, 2013 Admin | February 25, 2013 What is RMD when it comes to retirement accounts? Does it apply to all?
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RMD or Required minimum distribution is an amount you must withdraw each year from a US gov tax incentivised retirement plan IRA and 403b, plus many empoyer sponsered programs 401(k), profit sharing, money purchase pension and .gov section 457 deferred compensation. Once you reach 70.5 you must begin withdrawing annually. typically this withdrawls are considered income are are taxible. ROTH IRA withdrawls are not taxed including for surviving spouses who inherit a roth IRA into their roth IRA.
RMD (when it comes to retirement accounts) is required minimum distribution. It is the minimum amount the retirement account holder has to withdraw every year, starting with the year the account holder is 70.5 years old or the year the account holder retires (if later than 70.5). No, RMDs do not apply to ALL; for example, the RMD rules do not apply to Roth IRAs while the owner is alive. The RMD rules do apply to ALL employer sponsored retirement plans.
Nice job. The answers were chalk full of good information. The RMD rules apply to most retirement accounts except the Roth IRA. When you are accessing your money in retirement, the Roth IRA would generally (each situation is different) be the last account you would empty as you spend your retirement dollars.
It is very important that the individual monitors this situation closely as that time approaches. The IRS will whack you with a very heavy penalty tax if you fail to take the proper RMD amount or fail to take it at all.
You can contact your investment company or bank to have your RMD distributed on a monthly, quarterly, or yearly basis based on your needs and the rules with the institution where you have your money.
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