When do I need to start taking RMDs?

Your first RMD must be taken by April 1 of the year following the year you reach the applicable RMD age (currently 73). However, you may choose to take your first RMD during the year you reach that age instead.

Keep in mind that delaying your first RMD until April 1 of the following year means you will be required to take two RMDs in that same year—your first-year RMD and your annual RMD for the current year. This may have tax implications depending on your individual circumstances.

Examples:

Option 1: Take your first RMD during the year you become eligible

• You reach the applicable RMD age during the current year.
• You take your first RMD by December 31 of that year.
• Beginning the following year, you take one RMD annually by December 31.

Option 2: Delay your first RMD until the following year

• You reach the applicable RMD age during the current year.
• You delay your first RMD until April 1 of the following year.
• You must also take your annual RMD for that year by December 31.
• As a result, you will take two RMDs in the same calendar year.