When will I be eligible for distributions from my IRA?

If you hold a Traditional IRA, SEP, or SIMPLE account, you are required to begin taking Required Minimum Distributions (RMDs) starting April 1st of the year following the year you turn 72.

RMDs are calculated using a formula based on life expectancy and account value. Since every situation is different, we recommend consulting with a tax professional or financial advisor to determine your specific distribution amount.

A few important things to keep in mind: RMDs are calculated separately for each applicable account you hold. If you have multiple accounts subject to RMDs, you are not required to take a withdrawal from each individual account — however, your total distributions across all accounts must meet your cumulative RMD requirement for the year. NOTE - meet with a tax professional or financial advisor to determine your specific distribution amount.