New Power Generation Inc. 

   
4700 Millenia Blvd 
Suite 500 Fifth Floor 
Orlando, FL 32839

npghq@npglife.org 

When you reach age 73, the IRS requires you to begin taking annual withdrawals from your retirement accounts. Because these rules have changed recently, it is important to understand how they apply to your specific situation. You can use this tool to estimate your Required Minimum Distribution (RMD) based on your age and account balances.

Inputs

Exclude any Roth IRA and/or Roth 401(k) account balances from this number; neither are subject to RMDs.
$0 $5,000,000
72 120

Results

RMD regulations have shifted in recent years, including an increase in the starting age and updated life expectancy tables. If this figure differs from what you expected, it likely reflects these new federal guidelines. While this estimate provides a baseline, a tax or financial professional can help you evaluate how these rules apply to your specific goals.

Withdrawals from your 401(k), traditional IRA, or any other defined contribution plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

Note:

This estimate uses the IRS Uniform Lifetime Table, which applies to most retirees. This calculation assumes that:

  • You are unmarried.
  • or You are married, and your spouse is not more than 10 years younger than you.
  • or Your spouse is not the sole beneficiary of your account.

If your spouse is your sole beneficiary and is more than 10 years younger than you, a different IRS table applies, typically resulting in a lower required withdrawal.

 

Related Content

Good Health is Good Business

Good Health is Good Business

Good employee health can be great for the company’s bottom line.

5 Benefits of Working in Retirement

5 Benefits of Working in Retirement

Here are 5 reasons why you may consider working through retirement.

Financial Strategies for Women

Financial Strategies for Women

Some may leave their future to chance but in the world of finance, the effects of the "confidence gap" can be apparent.

 

Have A Question About This Topic?


Thank you! Oops!

Weighing the Benefits of Prepaid Debit Cards

It's important to understand the pros and cons when considering a prepaid debit card.

What You Should Do About Insurance Following a Divorce

In the face of divorce, making changes to insurance coverage may be overlooked.

Alternative Investments - Going Mainstream

Alternative investments are going mainstream for accredited investors. It’s critical to sort through the complexity.

View all articles

Annuity Comparison

Compare annuity options to see how each one could affect your long-term income outlook.

Estimate Your RMD

Calculate your required minimum distribution amount based on your account balance and age.

Social Security Tax Estimator

Estimate how much of your Social Security benefit may be subject to federal income tax.

View all calculators

The Rule of 72

Do you know how long it may take for your investments to double in value? The Rule of 72 is a quick way to figure it out.

Acres of Diamonds

In life it often happens that the answers to our most pressing questions are right in our own backyards.

The Facts About Income Tax

Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you.

View all videos