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|RMD Table 2022 PDF|
|No. Of Pages: 1|
|PDF Size: 202 KB|
|Source: IRA Required Minimum Distribution Worksheet|
In order to avoid paying taxes on your contributions and investment gains, the IRS allows you to put money into a traditional IRA. You can do this for the rest of your life. But this isn’t going to last forever. Once you reach the age of 72, you have to take out a certain amount of money from your account each year, called “required minimum distributions,” or RMDs, each year. As for 401(k) and 403(b) plans, RMDs also apply to these employer-sponsored plans.
You must start taking your RMDs on April 1 of the year after you turn that age in order to keep your money.
How much do you need to take out? The exact amount that is given out each year changes based on how long you think you’ll live. It is done by dividing the value of an account at the end of the year by the number of years left in your life, using a table provided by the IRS.
There are three life-expectancy charts that help people who have retirement accounts figure out how much they have to take out. The table below is the Uniform Lifetime Table, which is the most common one. In the IRA, there are different tables for people who inherit money from their parents and for people who have younger spouses.
|IRA required minimum distribution (RMD) table|
|Age of retiree||Distribution period (in years)||Age of retiree||Distribution period (in years)|
|95||8.9||120 and older||2.0|
Source: Internal Revenue Service (IRS)
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