RMD at age 72

I am 72 and have lost my job in November 2014. When do I have to take my first RMD?

Terry Says:  You likely should have been taking MRDs at least a year ago — unless you are still working and contributing to a company 40l(k) plan.  But now that MRD will be required.  If you contributed last year, you’re probably ok not to have taken an MRD.  But, quick call your accountant, because penalties for failure to take the MRD in the year AFTER you reach age 70-1/2 are steep!