What is an RMD, and when am I required to start taking it?
RMD stands for Required Minimum Distribution. It is a portion of your IRA to be withdrawn when you reach age 72 (70 ½ for those turning that age in 2019). The IRS mandates this withdrawal on most qualified annuities. The beginning date for your first RMD is April 1 of the year following the calendar year in which you reach age 72. For each year following this initial year, the IRS mandates that you must withdraw your RMD by December 31.
Due to the COVID-19 pandemic, RMD's were waived for 2020 as part of the CARES act. For more information, please contact the home office at (800) 552-0145.