What is a Required Minimum Distributions, or RMD?
A RMD is the amount of money you must take out of your traditional retirement savings plan to avoid tax penalties, once you've reached the mandatory age for making withdrawals.
**New Law Raises Age for RMDs from 70½ to 72: Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, if you turn 70½ years old on or after January 1, 2020, you are eligible for the law's changes and generally must begin taking RMDs by April 1 of the year following the year that you turn age 72. Please consult your tax professional. Provident Wealth Advisors does not provide tax advice.
People who turned 70½ years old in 2019 are not eligible for the law's changes and generally must begin withdrawing money by April 1, 2020.
Please click the HERE for Financial Industry Regulatory Authorities RMD Calculator.
If you need to talk to someone about your RMD requirements please contact our office, 281.466.4843.