• Question
  • 401K withdrawal reuirements

    Asked by someone from Mason, OH on 12/22/2016

    what are withdrawal requiremrnt from 401K plan after age 70 and 1/2

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  • Categories: Taxes, Retirement Planning

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • It changes as you get older - but you can calculate the first year by taking your 401K balance and dividing it by 27.4

    This worksheet explains how it works: https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

    You can read more here: https://www.newretirement.com/retirement/rmd-minimize-required-minimum-distributions-rmd/

    Note our retirement planning tool automatically calculates RMDs based on your assets.

    https://www.newretirement.com/retirement-calculator/

  • Login to rate this answer:   Answered on 1/13/2017
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.