What is an RMD?
RMD or Required Minimum Distribution is an amount of money that is required by the IRS to withdraw annually from Employer sponsored retirement plans such as a 401K, Traditional IRA, Simplified Employee Pension (SEP) IRA, and Simple IRA’s.
When Am I required to take my RMD?
RMD’s must be taken by the first April after you turn 73 years old to avoid a penalty.
How do I take my RMD?
You can stop by one of our branches to take your distribution or set it up to distribute automatically, monthly, quarterly, semi-annually, or annually.
How do I calculate my RMD?
All IRA’s opened before January 1st of the current year with HIFS will be calculated on the second business day of each year with the current amount.
The IRS has provided an RMD calculator on their website to assist you in calculating your RMD for IRA’s that have been Transferred or Rolled after January 1st.
How long does it take to receive my automatic distribution?
Distributions will be sent on the last day of the month and typically take 1-3 business days to receive.
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