I will be 72 this year. What do I need to do to make sure I take the correct amount out of my IRA and do I need to call every year to make sure it is taken care of?
Each year, Delta Community will calculate your Required Minimum Distribution (RMD) for any Traditional IRAs held at Delta Community. A statement containing the RMD calculation is mailed by January 31st. You may elect to receive your RMD as a recurring distribution either monthly, quarterly, semi-annually or annually. If desired you may also elect to withhold Federal Income Taxes from your RMD. If you choose to set up a recurring distribution of your RMD, there is no need to call every year, unless you would like to make any changes to the recurring distribution.
*Effective January 1, 2020, due to the SECURE Act, the age to begin Required Minimum Distributions has been raised to age 72. Members who turned age 70 ½ on or before December 31, 2019 are required to abide by the previous rule and begin taking their Required Minimum Distributions.
For 2020 RMDs only, due to the passage of the CARES Act, RMDs normally required to be taken for 2020 are waived.
If you have any questions, or would like to set up a recurring distribution of your RMD, contact the IRA department at 404-677-4600