Generally, individuals born before July 1, 1945, must begin receiving required minimum distributions from their traditional IRAs and workplace retirement plans by December 31, 2015.
The required distribution rules apply to traditional, Simplified Employee Pension (SEP) and Savings Incentive Match Plans for Employees (SIMPLE) IRAs - but not Roth IRAs - while the original owner is alive. The rules also apply to participants in various workplace retirement plans, among them 401(k), 403(b), and 457(b) plans.
If you are a first-year recipient, you may wait as late as April 1, 2016, to take your first payments.
Questions? Contact your Berdon advisor or Saul Brenner, CPA, J.D., LL.M. at 212.331.7630 | email@example.com