I’m 77 years old and I requested my 401(k) fund administrator to prepare my RMD. I was told I do not have to withdraw my money if I am still employed. Please confirm if this in fact an IRS rule or that of the fund management company?
-Bea
That is correct, Bea. If you are still employed, you do not have to take a required minimum distribution (RMD) from your current 401(k) regardless of your age, as long as your employer doesn’t require it. That is in fact an IRS rule.
RMD requirements depend on your age, the account type and whether or not you are still employed. There have been some changes to these rules recently, so let’s review the minimum distribution requirements. (And if you need help with retirement planning, including RMDs, consider speaking with a financial advisor.)
What Are RMDs and When Are They Mandated?
