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Required Minimum Distributions (RMDs)

Whether you're thinking about retirement, currently retired, or preparing to distribute assets, you have many choices to make regarding your IRA and what's right for your overall retirement income plan.

There is one decision, though, that the IRS makes for you, and that is the age at which you must begin taking income from your IRA or other qualified retirement plan and the minimum amount, known as a Required Minimum Distribution or RMD, you're required to withdraw each year when you reach age 70½.

When should I take my first RMD?

Generally, you must take your first RMD no later than April 1 following the calendar year you turn 70½. If you participate in an employer-sponsored plan, your starting year for RMDs is the year you turn 70½ or the year you terminate employment, whichever comes later.2 The RMD deadline for subsequent years is December 31.

For instance, if you'll be 70½ this March, this is the first year you need to take an RMD. The deadline for doing so, though, is April 1 of next year. You'll need to take your second RMD by December 31 of that same year.

How is an RMD calculated?

Generally, the required distribution is determined annually through a formula that involves the balances of your qualified accounts and your life expectancy.3 If you don't take the RMD, there are significant penalties—up to 50 percent of the amount that you were supposed to withdraw.

What types of retirement accounts do RMDs apply to?

You generally have to take an RMD from any retirement account to which you have made tax-deferred contributions or had tax-deferred earnings. These accounts include:

  • Traditional IRAs
  • SEP IRAs
  • 401(k), 403(b) and 457 retirement plans
  • Pension and profit sharing plans
  • Inherited beneficiary qualified accounts

Roth IRAs are an exception. You are not required to take RMDs from a Roth IRA during your lifetime. Please note, however, that beneficiaries of your Roth account are required to meet RMD rules.


How should I take my RMDs if I have multiple accounts?

That depends on the types of accounts you have.

  • If you have more than one IRA, you must calculate the RMD for each IRA separately each year. However, you may aggregate your RMD amounts for all of your IRAs and withdraw the total from one IRA or a portion from each of your IRAs.
  • RMDs for qualified plan accounts other than IRAs must be calculated and paid separately from the RMDs for your IRAs.
  • If you have more than one qualified retirement plan account, the RMD must be calculated and paid separately for each qualified plan account.
  • RMDs for inherited IRAs must be satisfied separately from your other IRAs.

How do I calculate my RMD?

Please contact your tax advisor for assistance. You may also contact us, and your financial professional may be able to assist based on the extent of his or her knowledge of any employer-sponsored plans in which you may participate.

How do I request an RMD payment for my account with The Hartford?

Complete the RMD Request Form for The Hartford product you own with your payment instructions:

  • You may request a single payment for the current year, or
  • You can enroll in our Automatic RMD payment program. With this option, we'll calculate your RMD automatically each year and send monthly, quarterly, semi-annual or annual payments by check or electronically to your checking or savings account.

For further assistance

With all important financial decisions, we encourage you to consult with your financial professional or a qualified tax advisor to determine the correct options for your personal needs.

Retirement Planning

Financial planning can be complex. We provide information and strategies to help you navigate the world of investing.

Learn more >

1Some employer-sponsored plans will allow you to defer RMDs as long as you are still working. You cannot delay RMDs from a Traditional IRA.

2If you are a 5% owner of the business that sponsors the plan or IRA, your RMD starting year is always the year you turn 70½, even if you remain employed.

3The RMD calculation is based on an accrued benefit and differs from defined benefit plans.

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material.  The information cannot be used or relied upon for the purpose of avoiding IRS penalties.  These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.