RMD stands for Required Minimum Distribution. It is a portion of your IRA to be withdrawn when you reach a certain age. Individuals turning age 72 during 2023 or later will start their RMD at age 73. You can defer the first distribution until April 1, 2024. For those reaching age 74 after December 31, 2032, their start date is age 75. The IRS mandates this withdrawal on most qualified annuities. For those turning age 73, the beginning date for your first RMD is April 1 of the year following the calendar year in which you reach age 73. For each year following this initial year, the IRS mandates that you must withdraw your RMD by December 31.
For more information, please contact the Home Office at (800) 552-0145.