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Turning 73 means the IRS wants you to start withdrawing money from your traditional IRA, 401(k), and most other tax-deferred retirement accounts, whether you need the cash or not. This is the required minimum distribution, or RMD, and the deadline is not flexible.
The rule itself is simple. The mistakes people make around it are not — wrong account, wrong year, wrong amount, or a deadline missed by a few weeks because nobody flagged it. Write down the specifics for your own accounts before you assume your custodian will handle it for you.
Choose your next move
Where are you with this right now?
Choose the situation closest to yours.
Focus on confirming the deadline and how much you actually owe.
When Your First RMD Is Actually Due
The rule: you must take your first RMD for the year you turn 73. The one exception is a one-time delay — you can push that first withdrawal to April 1 of the following year. Take that delay and you owe two RMDs in the same tax year: the delayed one and the current year's, both counted as taxable income together.
Every RMD after the first one is due by December 31, no delay option. Know which year you're actually in before you decide anything.
Quick calculator
See what this year's RMD does to your taxable income
This is a rough estimate, not a tax filing — use it to decide whether the April 1 delay makes sense for This is my first RMD year.
Estimated taxable income this year: $9,000
Estimated taxable income this year: $51,000
If taking two RMDs in one year (by delaying the first) pushes this number into a higher bracket, ask your advisor about splitting them across two tax years instead.
What Happens If You Miss One
Miss an RMD, or take less than required, and the IRS charges a 25% excise tax on the shortfall — the amount you should have withdrawn but didn't. Correct the mistake within two years and that penalty can drop to 10%. Either way, you file Form 5329 to report it, and you can request a waiver if you can show reasonable cause for the mistake.
None of that paperwork is hard. It's just easy to skip when nobody wrote down the deadline in the first place.
Checklist
Confirm these before December 31
A ten-minute call now avoids a five-figure mistake later.
0 of 4 done.
If you're not confident the person managing these accounts has your full picture, read How to Vet a Financial Advisor Before You Retire before your next meeting.
Before You Meet With Your Advisor or Custodian
Bring account numbers, not just account names — custodians move faster when you already have the specifics. If you have more than one tax-deferred account, know whether you're required to take a separate RMD from each, or whether you're allowed to combine some of them into one withdrawal.
Timeline
Work through this before year-end
Check off each step as you complete it.
Get the current balance and RMD calculation for every tax-deferred account you own.
Confirm the exact amount owed, the default distribution date, and your withholding election.
Don't wait until December 31 to find out a transfer didn't go through.
Keep the 1099-R and your notes together for whoever prepares your return.
If you're also organizing other account and legal paperwork, read Retiree Document Checklist Before a Crisis next.
Save your plan
Save what you confirmed here so it's ready before the deadline.
Common questions
When is my first required minimum distribution due?
Your first RMD is due for the year you turn 73. You can delay that first withdrawal to April 1 of the following year, but if you do, you'll owe two RMDs in that same tax year, both counted as taxable income. Every RMD after the first is due by December 31 with no delay option.
What is the penalty for missing a required minimum distribution?
The IRS charges a 25% excise tax on the amount you should have withdrawn but didn't. If you correct the shortfall within two years, that penalty can drop to 10%. You'll file Form 5329 to report it and can request a waiver if you can show reasonable cause for the mistake.
Should I delay my first RMD to April 1 of the next year?
It depends on your other taxable income that year. Delaying means two RMDs land in the same tax year, which can push you into a higher bracket. Estimate your combined taxable income for both scenarios before deciding, and ask your advisor which year is actually better for your tax situation.
