IRS Reminds Retirees of Upcoming Retirement Plan Distribution Deadline

irs-logoThis Friday is the deadline for certain retirees to start withdrawing money out of their retirement accounts. Specifically, those who reached the age of 70½ during 2015 who have a traditional IRA or participate in many workplace retirement plans must start receiving required minimum distributions by Friday, April 1.

The deadline only applies to the required minimum distribution for the first year. After that, it must be made before December 31 of each year.

However, Friday’s deadline does not apply to owners of Roth IRAs, and people with certain workplace retirement plans can wait longer to start taking money out of their accounts.

For more information or to learn how to calculate your required minimum distribution, visit the IRS website.