You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 73.
You’re not required to take withdrawals from Roth IRAs, or from Designated Roth accounts in a 401(k) or 403(b) plan while the account owner is alive. However, beneficiaries of Roth IRAs or Designated Roth accounts are subject to the required minimum distribution rules.
Your RMD is the minimum amount you must withdraw from your account each year. You can withdraw more than the minimum required amount.
Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts).
Minimum distribution rules apply to original account holders and their beneficiaries in these types of plans: - traditional IRAs - SEP IRAs - SIMPLE IRAs - 401(k) plans - 403(b) plans - 457(b) plans - profit sharing plans - other defined contribution plans - Roth IRA beneficiaries
