The IRS requires owners of IRAs to begin annual withdrawals from these accounts after they turn 72 years old. The amount that you have to withdraw, or distribute, is based on your age and the amount you have saved in one or more IRA accounts.
Don't Forget Your Required Minimum Distribution
You must begin withdrawing a minimum amount by April 1st of the year following age 72. The SECURE Act of 2019 changed the age of the required beginning date from 70 ½ to 72. The change only applies to individuals who reach age 70 ½ after December 31, 2019. If you wait until April 1, you must withdraw a second RMD by December 31 of the same year. Instead of taking two RMDs in the same tax year, you may want to consider taking your first RMD in the year you reach age 72. Once you begin taking required distributions, you must withdraw every year. Each year thereafter, you'll have until December 31 to withdraw your required amount.
Failing to withdraw your required minimum could trigger a 50% excise tax from the IRS on the amount not distributed. You can ask a Janus Henderson Representative to automate your RMD to help avoid missing the deadline.
Simplify the RMD process.
Learn the rules and use the tools that make the RMD process simple and automated. That'll be one less thing you'll have to worry about so you can enjoy retirement.
Avoid Hefty Excise Taxes
Take your RMD on time.
If you miss your RMD deadline, the IRS can penalize you in a substantial way. Janus Henderson offers tools to help.
Approaching age 72? Calculate the amount you will need to withdraw.
Don't want to forget your annual RMD? Set up automatic distributions with a Janus Henderson Retirement Specialist at 800.525.1093.
Want to keep investing with your RMD? Open a non-retirement account.
Required Minimum Distribution Calculator
The Janus Henderson Required Minimum Distribution Calculator helps you understand how much and when you need to withdraw assets from your IRA account.