Most Frequent Questions About Retirement: When do I have to take an RMD?

“When do I have to take an RMD?” Make a plan for an RMD before your 70th birthday and things will work out fine.

At age 70 1/2 the federal government requires you to begin taking money out of your IRAs through Required Minimum Distributions (RMDs). Consolidating multiple IRAs into one guaranteed interest IRA can make things less confusing. Also, understanding how taxes come into play will certainly help in determining income.

Having your RMD go directly to a charitable organization through a Qualified Charitable Donation (QCD) can reduce your taxable income and thus increase your net income after taxes.

Catholic United Financial offers our members free assistance to set up a QCD plan to maximize their charitable giving. Contact your local representative for more details. Also, more charitable giving options are available through our non-profit Foundation. 

Catholic United Financial and John Tetzloff are not permitted to give tax or legal advice. The information given is based on our understanding and interpretation of laws and regulations currently in effect. You may wish to consult your personal tax or legal advisor with questions about your specific situation.