What are my projected required minimum distributions?
This calculator provides an illustrative projection of your future required minimum distributions (RMDs). The IRS requires you to make annual minimum withdrawals from certain qualified plans after reaching a specific age based on your date of birth. The RMDs are calculated annually based on the balance of the account at the end of the previous year, your age, who is the designated beneficiary of the account, and your spouse's age if they are the designated beneficiary. If you do not complete the annual RMD, you may be subject to a 25% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn. Timely filing of Form 5329 may reduce the penalty to 10%. Understanding expected RMDs is an important component of effective retirement planning.
Any rate of return entered into the calculator to project future values should be a reasonable average return for the period. Rates of return will vary over time, and generally the higher the rate of return the higher the degree of risk.
The information provided here is to assist you in planning for your future. The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Any analysis is a result of the information you have provided. Material discussed is meant for general illustration and/or informational purposes only not indicative of a particular product, and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual advice from qualified professionals.
National Life Group is a trade name of National Life Insurance Company and its affiliates.
