Some retirees could receive important retirement plan payments before April 1, 2025.
The IRS has issued a reminder that anyone turning 73 in 2024 must start taking Required Minimum Distributions (RMDs) from their IRAs, 401(k)s, and other retirement plans.
What’s the Benefit?
This payout is a critical retirement income stream — giving retirees access to funds they’ve worked hard to save.
Starting RMDs ensures retirees enjoy their savings while meeting IRS rules.
Who Needs to Take Action?
- Born after December 31, 1950
- Turning 73 in 2024
- Have retirement accounts like:
Roth IRAs are not affected — no RMD is required.
Dates to Remember
- April 1, 2025: Deadline to take the first RMD for those turning 73 in 2024.
- December 31, 2025: Deadline for your second RMD in the same year.
Note: Taking two RMDs in 2025 could increase taxable income that year.
How Much Will You Get?
- Your IRA trustee or plan provider calculates your RMD.
- The amount is based on your age and account balance.
- It appears on Form 5498, Box 12b.
Can You Delay Your RMD?
Some workplace plan participants may defer until after retirement if the plan allows.
Business owners (5%+ ownership) and SEP/SIMPLE IRA participants must follow standard deadlines.
Tip: If you’re unsure about your RMD or how much you should receive, contact your plan provider or tax professional.
For more, check IRS Publication 575: Pension and Annuity Income.
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