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When can I withdraw from my retirement account?

The age for withdrawing from retirement accounts was increased in 2020 to 72 from 70.5. The SECURE 2.0 Act, though, raised the age for RMDs to 73 for those who turned 72 in 2023. Therefore, your first RMD must be taken by April 1 of the year after which you turn 73. After that, your RMDs must be taken by December 31 of each year.

Do you know the rules for 401(k) required minimum distributions?

Those who contribute to workplace 401 (k)s must know the rules for 401 (k) required minimum distributions, or RMDs, since RMD rules mandate that accountholders begin withdrawing money at age 73 (previously age 72) or face substantial IRS penalties.

How much should I withdraw from my retirement account?

The amount you must withdraw depends on the balance in your account and your life expectancy as defined by the IRS. If you have questions about retirement income planning, a financial advisor can help. Speak with an advisor today. What Is a Required Minimum Distribution (RMD)?

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