RMD Calculator: Plan Your Required Minimum Distributions

Key Calculation Factors

Your RMD amount is determined by dividing your retirement account balance by a life expectancy factor provided by the IRS. This calculation takes into account:

• ✓ Your age and life expectancy according to IRS tables
• ✓ Your retirement account balance as of December 31st of the previous year
• ✓ Whether you have a qualifying spouse beneficiary
• ✓ The type of retirement accounts you hold

1. 1. Gather Your Information
   First, collect your year-end retirement account statements and verify your current age. Ensure you have accurate documentation of your account balances as of December 31st of the previous year.
2. 2. Enter Your Details
   Input your current age and account balance into our calculator. If you're married and your spouse is more than 10 years younger, be sure to check the joint life expectancy option and provide your spouse's age.
3. 3. Review Your Results
   The calculator will display your required minimum distribution amount for the current year, along with projected distributions for future years based on your estimated account growth rate.
4. 4. Plan Your Withdrawals
   Use the calculated amount to plan your withdrawals throughout the year. Remember that you can take your RMD in one lump sum or in multiple withdrawals, as long as the total required amount is withdrawn by December 31st.

• 💡 Timing Matters: While you have until December 31st to take your RMD each year, consider taking it earlier to avoid missing the deadline and incurring penalties.
• 💡 Multiple Accounts: If you have multiple IRAs, you can take the total RMD amount from any one or combination of your IRA accounts. However, 401(k) RMDs must be taken separately from each account.
• 💡 Tax Implications: RMD withdrawals are typically treated as taxable income. Consider tax-efficient withdrawal strategies and consult with a tax professional for personalized advice.
• 💡 Qualified Charitable Distributions: Consider using QCDs to satisfy your RMD requirements while potentially reducing your taxable income.