Required Minimum Distributions Due April 1

Reminder: Your Required Minimum Distribution (RMD) is due April 1 if you turned 73 in 2023.

If you turned 73 in 2023, you have until April 1, 2024, to take your 2023 Required Minimum Distribution (your first required distribution) from your retirement account(s).

RMDs are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 73.

This is a recent change; after passage of the SECURE Act 2.0 in 2022, if you turned 73 years old on or after 2022, you don’t need to take RMDs until you reach age 73. The previous age was 72.

Account owners in a workplace retirement plan (for example, 401(k) or profit-sharing plan) can delay taking their RMDs until the year they retire, unless they're a 5% owner of the business sponsoring the plan.