Is it Time to Take Your Required Minimum Distribution (RMD)?
Did you turn 70½ this year? It might be time for your RMD!
You must begin receiving RMDs from your retirement plans by April 1 of the year following the later of the year in which you reach age 70½ or the year in which you retire or terminate. If an RMD is required and not taken, the IRS may impose a penalty equal to 50% of the distribution that you should have taken. Although Wespath automatically calculates and distributes RMDs to our plan participants, you are responsible for satisfying IRS rules. Learn more at wespath.org/assets/1/7/3641.pdf or contact EY with questions.
From the October 2018 issue of Hark!