RMDs: When Do I Take Them and How Do I Calculate Them?

Required minimum distributions are a fact of life that most of us will have to face sooner or later. Demystify them by brushing up on the basics now.

(Image credit: Elesin Aleksandr (Elesin Aleksandr (Photographer) - [None])

If you are close to reaching the age of 70½ and have an IRA, SEP IRA or a SIMPLE IRA, or other pre-tax employer-sponsored retirement accounts, you need to start thinking about the required minimum distributions that you will have to start taking from each account. If you have a Roth IRA, it does not require a withdrawal until after the death of the owner.

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Marguerita M. Cheng, CFP® & RICP®
CEO, Blue Ocean Global Wealth

Marguerita M. Cheng is the Chief Executive Officer at Blue Ocean Global Wealth. She is a CFP® professional, a Chartered Retirement Planning Counselor℠ and a Retirement Income Certified Professional. She helps educate the public, policymakers and media about the benefits of competent, ethical financial planning.