There are only two days left for retirees to make their first mandatory retirement plan withdrawal to avoid being penalized.
Payments from retirement plans are usually made by the end of the year, but retirees who turned 72 in 2022 are covered by a rule allowing any involved in workplace retirement plans to wait until as late as Saturday to take their first required minimum distribution payment, also known as an RMD. Once this first payment is taken, future RMD payments must be made by Dec. 31 in every following year, according to the IRS.
Any retirees who fail to withdraw their first RMD or do not take out enough money for the payment will receive a 25% penalty based on the amount recipients need to withdraw. The exact amount one should withdraw every year for their RMDs is usually calculated by dividing each retirement account’s prior balance on Dec. 31 by a “distribution period” published every year by the IRS, according to CNBC.
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