Do you know about RMDs

The IRS requires you to take a minimum amount out of your qualified plans every year—called a required minimum distribution (RMD)—starting at a certain age. 

• If you reached the age of 70 1/2 in 2019 or prior you required to take RMDs each year.  If you reach age 70 1/2 in 2020 or later you must take by April 1 of the year after you reach 72. 
• Qualified plans include 401(k)s, IRAs, and others. So, as you’re working on your withdrawal strategy, make sure you at least take out your RMD. 

Your retirement plan provider or employer can help you calculate what your RMDs will be, or check the IRS website FAQ.