Reminder: Required Minimum Distributions Due by April 1 for Retirees Over 73

If you’re age 73 or older and have an IRA, 401(k), or similar retirement account, it’s important you remember that April 1, 2025, is the deadline to take your first Required Minimum Distribution (RMD). RMDs are mandatory annual withdrawals required by the IRS to ensure tax-deferred retirement accounts are eventually taxed.

Failing to take your RMD on time can result in significant penalties—up to 25% of the amount that should have been withdrawn.

The April 1 deadline applies specifically to individuals who turned 73 in 2024. For each subsequent year, RMDs must be taken by December 31.

Proper planning is essential to avoid unnecessary tax consequences and to ensure your distributions align with your overall financial and estate plans. If you have questions about how RMDs impact your specific situation, our team is here to help guide you through the process.

For full details, visit the IRS announcement: Required Minimum Distributions Must Begin by April 1, 2025