Reported 4 days ago
If you're 73 or older and have an ordinary IRA with a balance of $100,000, you're required to make annual withdrawals called Required Minimum Distributions (RMDs). The amount you must withdraw increases with age, starting at $3,774 for 73-year-olds and reaching $50,000 by age 120. These distributions are considered taxable income, and it's important to manage them properly to avoid financial penalties. For the first year you turn 73, you have until April 1 of the following year to complete your initial withdrawal.
Source: YAHOO