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PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4522
Experience:  35 years tax and professional advice in all matters money
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How do I calculate the minimum required withdrawal from

Customer Question

How do I calculate the minimum required withdrawal from pension, annuities and social security accounts? I need to be walked true
Submitted: 1 year ago.
Category: Social Security
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'm PDtax.

RMD, or required minimum distributions, are mandated from IRA accounts as a mandatory reduction in the accounts. Social Security does not have such a mandate.

The simplest way I know to explain RMD is to use your life expectancy at age 70 (there is a table IRS uses for single or joint life expectancy, and who you choose as your joint annuitant impacts the figure). Let's say the table says you have 19 years to draw on your account. The RMD in the first year is 1/19 of the balance.

The denominator changes each year, to 1/18 the next year, and so on.

Thanks for posting your question to Just Answer. Please rate my assistance uysing out star rating scale. I'm PDtax.

Expert:  PDtax replied 1 year ago.
Hi again. PDtax here. Can I ask for positive feedback to close out your question?