As per the IRS policies, you can not postpone withdrawal from your retirement savings account for the lifetime to get tax advantage. After your age turns 70.5, you must withdraw a certain amount of savings from the account every year. This mandatory withdrawal is termed as Required Minimum Distribution or RMD. This (RMD) Required Minimum Distribution Calculator will facilitate you with the required minimum distribution for the current retirement account.
Account balance as of 12/31 of year prior to distribution year
Balance of the retirement account as on the closing day of the last year prior to distribution. This balance is stated by the fair market value.
Your age as of 12/31 of distribution year
Mention your age as of 31st December of the distribution year for which you are doing this calculation.
Is your birthday after June 30th?
If your birthday is between July 1 and December 31, check this box.
Is your sole beneficiary a spouse?
If you have nominated your spouse as the one and only beneficiary of the retirement account, you need to check this box.
Current age of the retirement account beneficiary.