Beginning in the year you reach age 73*, the IRS requires you to take money out of your retirement accounts by December 31. These amounts are known as your Required Minimum Distributions (RMD).

Use this calculator to determine your current RMD and estimate your future RMDs.

Your balance must be $3,000,000 or less

Your balance must be less than your Prior Year-End Account Balance

Your age must be between 60 and 115

In your estimated RMD is

$XXX,XXX

If you do not take your RMD, your IRS penalty would be $XXXX

To learn more about RMD rules and strategies, including how to manage your RMDs, review the RMD Checklist.

Check your account balance and investments online. Select your plan at www.varetire.org/dcplans, then log in.

Contact your Defined Contribution Plans Retirement Specialist. Select your plan at www.varetire.org/dcplans, then select *Education* from the menu.

Commonwealth of Virginia 457 Deferred Compensation Plan participants: Register online for an upcoming Distribution Strategies group seminar.

View upcoming webinars and seminars. Select your plan at www.varetire.org/dcplans, then select *Education* from the menu. (Hybrid members, choose *View DC Opportunities.)*)

This calculator estimates your Required Minimum Distributions (or RMDs). Your RMDs are the minimum amounts you must withdraw from your IRA or retirement plan account annually, starting in the year you reach age 73* from 2023 and 75 from 2033. There are penalties if you do not withdraw your RMDs.

The calculator is for illustrative purposes only. Your actual investment returns and future account balances may be higher or lower.

The calculator should be used in conjunction with appropriate education, guidance, and advice, and not as the sole source of information when making decisions about your personal finances.

The calculations are based on the data you input and on current U.S. tax rules, which could change in the future. The current IRS distribution factors are based on your age and, if appropriate, the age of your beneficiary, on your birth dates in the calculation year.

The calculator works for people who are age 60 or older. Your spouse can be younger or older than you.

It is assumed that your RMDs are withdrawn at the end of each year.

If you are currently younger than 73, the calculator assumes that you withdraw your first RMD in the year you turn 73* from 2023 and 75 from 2033, although the first payment can be delayed until April 1 of the year following. For all subsequent years, including the year in which you take the first RMD by April 1, you must withdraw the RMD by December 31 of the year. Your account balance at the previous December 31, which you enter on the "About you" screen, will be projected to grow by the default future investment return of 4 percent until the December 31 of the year before you turn age 73* from 2023 and 75 from 2033.

If you are currently 73* or older, the calculator will show your RMD for the current year initially. You can then choose to model your RMDs for future years.

For taxable years beginning after Jan. 1, 2023, the tax penalty is 25% and further reduces to 10% if you receive a distribution within the correction window.

The future years’ RMD screen illustrates your account balance in the left "fish tank" and the sum of all your RMDs withdrawn to date; your "Cumulative RMDs" is shown in the right "fish tank."

The calculator assumes that no additional contributions are made and only the RMD amounts are withdrawn. You can withdraw more than the RMD amount in any year.

The default future investment return is 4 percent a year. Investment returns are assumed to be consistent for the duration of the period.

**Age 70 1/2 (if you were born before July 1, 1949), age 72 (if you were born after June 30, 1949, and before January 1, 1951), or age 73 (if you were born after December 31, 1950).*

RMD Calculator/2.0.10r0

Year | |
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Your age | |

Account balance | |

Cumulative RMDs | |

IRS penalty could be |

What you told us about you: |
You |
Spouse |
---|---|---|

Total account balance | ||

Roth account balance | ||

Date of birth | ||

Investment |

RMD Calculator/2.0.10r0

This calculator estimates your Required Minimum Distributions (or RMDs). Your RMDs are the minimum amounts you must withdraw from your IRA or retirement plan account annually, starting in the year you reach age 73* from 2023 and 75 from 2033. There are penalties if you do not withdraw your RMDs.

The calculator is for illustrative purposes only. Your actual investment returns and future account balances may be higher or lower.

The calculator should be used in conjunction with appropriate education, guidance, and advice, and not as the sole source of information when making decisions about your personal finances.

The calculations are based on the data you input and on current U.S. tax rules, which could change in the future. The current IRS distribution factors are based on your age and, if appropriate, the age of your beneficiary, on your birth dates in the calculation year.

The calculator works for people who are age 60 or older. Your spouse can be younger or older than you.

It is assumed that your RMDs are withdrawn at the end of each year.

If you are currently younger than 73, the calculator assumes that you withdraw your first RMD in the year you turn 73* from 2023 and 75 from 2033, although the first payment can be delayed until April 1 of the year following. For all subsequent years, including the year in which you take the first RMD by April 1, you must withdraw the RMD by December 31 of the year. Your account balance at the previous December 31, which you enter on the "About you" screen, will be projected to grow by the default future investment return of 4 percent until the December 31 of the year before you turn age 73* from 2023 and 75 from 2033.

If you are currently 73* or older, the calculator will show your RMD for the current year initially. You can then choose to model your RMDs for future years.

For taxable years beginning after Jan. 1, 2023, the tax penalty is 25% and further reduces to 10% if you receive a distribution within the correction window.

The future years’ RMD screen illustrates your account balance in the left "fish tank" and the sum of all your RMDs withdrawn to date; your "Cumulative RMDs" is shown in the right "fish tank."

The calculator assumes that no additional contributions are made and only the RMD amounts are withdrawn. You can withdraw more than the RMD amount in any year.

The default future investment return is 4 percent a year. Investment returns are assumed to be consistent for the duration of the period.

**Age 70½ (if you were born before July 1, 1949), age 72 (if you were born after June 30, 1949, and before January 1, 1951), or age 73 (if you were born after December 31, 1950).*

RMD Calculator/2.0.10r0