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What's the required minimum distribution from a $300,000 retirement account?
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TL;DR
- Retirees are legally required to withdraw funds from tax-deferred accounts (like 401(k)s and traditional IRAs) starting at age 73.
- The Required Minimum Distribution (RMD) is calculated using the account balance divided by a life expectancy factor from the IRS Uniform Lifetime table.
- For a $300,000 retirement account, RMDs start at approximately $11,320 at age 73 and rise to over $14,000 by age 79.
- Withdrawal amounts increase as individuals age, necessitating advance planning for budgeting and tax liabilities.
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