What is a Required Minimum Distribution (RMD), and when must I take it?

A required minimum distribution is the minimum amount you must withdraw from your account each year. The IRS requires that you take a distribution from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account after the age of 72 (70 ½ if you reached 70 ½ before January 1, 2020) - due to changes made by the SECURE Act. You are able to take your RMD at any time during 2022. We do ask that you complete your RMD for 2022 by November 1, 2022 for in-kind distributions and December 1, 2022 for cash distributions. 

Choice by KT recommends you speak with a tax advisor for questions that are more specific about distributions and RMD requirements.