I have $1 million in my IRA. Once I reach 73 years of age what are the withdrawal requirements? I retired five years ago with no income other than Social Security. What tax bracket will I be in when I ...

Once you reach a certain age, you are required to start withdrawing money from certain retirement accounts. This is known as ...

Your life expectancy factor, as published in IRS tables, which can be found here (in Appendix B). Most people will use the Uniform Lifetime Table, unless your sole beneficiary is your spouse who ...

You're 73 years old and are planning to take your first RMD. Looking at the IRS Uniform Lifetime Table,* your life expectancy factor is 26.5. Therefore, your RMD this year will be: ...

This corresponds to a life expectancy factor of 22.9, according to the Uniform Lifetime Table. Dividing $1 million by 22.9 gives you a 2025 RMD of $43,668.

First, using the Uniform Lifetime Table from the IRS, accountholders select the life expectancy factor (i.e., distribution period) that corresponds to their age in the current year.

For example, if your IRA balance was $1 million and your life expectancy factor is 26.5 (based on IRS tables for age 73), your RMD for the year would be $37,736.

To calculate your RMD, you need to use the balance of your retirement account as of December 31 of the previous year and divide it by a life expectancy factor from IRS tables. These tables, like ...

For an example of how that works, here’s a link to the IRS Uniform Lifetime Table. Third, calculate your RMD with your life expectancy factor. Let’s say you’re 73 years old.

We should also note that if you have a spouse who is 10 years younger than you and is listed as a 100% beneficiary of your RMD, you need to calculate your RMD using a Joint Life Expectancy Table.