RMD
Hi Terry,
I noticed on WGN today that you mentioned the first RMD being at age 72.
I thought that had been changed to 731/2. I turned 72 in March, and my husband
turns 72 in November. When would we be required to withdraw the first RMD
and how do we know what the amount is supposed to be?
Thanks in advance,
Terry Says
There’s been talk of raising the age, but as of now, you MUST make an RMD in the year in which you reach age 72. So each of you will be taking RMDs.
Contact your IRA custodian as to the amount each must take. It depends on your balance at year-end 2021.
If you have multiple IRAs (each of you), tell one custodian the total amount in all accounts of your own for your calculations. YOu can take the withdrawal from one or multiple accounts.
And be sure to ask them to withhold at least 20% for taxes.
