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Retirement & Planning

Age 70½ and Over


IRA Withdrawals: Age 70½ and Over

Once you reach age 70½, you’re required by law to make Traditional IRA withdrawals annually via Required Minimum Distributions (RMDs).

Need IRA help? Call 866-855-5636 or download our RMD Guide>.

3 Steps: Taking a Required Minimum Distribution

1. See when to start taking RMDs.

Your first RMD must be taken by April 1 of the year after you turn 70½. Subsequent RMDs must be taken by December 31 of each year. If you don’t take your RMD, you’ll have to pay a penalty of 50% of the RMD amount.

Get started with our RMD Calendar.

RMD Calendar

Enter your birthdate to see when you need to start taking RMDs.

Show RMD Date

2. Calculate your RMD amount.

Use our RMD Calculator to see the amount of your RMD based on your age, your account balance, your beneficiary, and other factors. If you have multiple IRAs, you must calculate each account individually, but you can take your total RMD amount from one account or several. Questions? Call us at 866-855-5636.

RMD Calculator

Estimate your annual RMD for this year.

Calculate My RMD

3. Decide how to receive your RMD.

You can make a one-time (also known as “lump-sum”) withdrawal or a series of withdrawals, or schedule automatic withdrawals.

Whether you want to transfer your RMD funds to another account, take automatic withdrawals, or take your RMD as cash, we can help. If you’re a Schwab client, call us at 866-855-5636.  

Take the next step.

Questions about IRA withdrawals or RMDs? We're here to help.

Call 866-855-5636.