Reminder: Take Required Minimum Distributions (RMDs) by Dec. 31, 2024
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An RMD is a yearly mandatory withdrawal from tax-deferred retirement accounts that starts in the year the account owner reaches the age of 73. These include accounts in the UC 403(b), 457(b) and DC Plans.
As we approach the end of the year, it’s important to remember that RMDs must be taken by Dec. 31, 2024. If this is your first RMD, you have the option to delay it until April 1 of the year following the year you reach age 73. If you don’t take your RMD by the annual deadline, it could result in an IRS penalty, so it’s important to stay current with your RMDs.
How much of an RMD to take depends on whether you’ve already taken distributions during the year. (These amounts count towards your RMD for the year.) Using Fidelity’s RMD calculator can help you determine how much you need to withdraw.
For more information about RMDs, read the RMD Fact Sheet. If you need assistance, reach out to a UC-dedicated Fidelity Retirement Planner at 1-800-558-9182.