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UNDERSTAND YOUR REQUIRED MINIMUM DISTRIBUTIONS (RMDS)
The rules around when and how much you must withdraw from your IRA and/or
workplace retirement plans can get tricky. We'll walk you through it.
1. Watch the video for the basics on RMDs.
2. Review the five steps to see how RMDs apply to you and what to do next.
3. Log inOpens in a new window to check your RMD, or call us at 800-842-2252.
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TIAA 2023 RMD Video - Generic Version
[music playing]
(On-camera host)
During your working years, you have the benefit of saving money with no taxes.
This gives you more money to save and makes it easier to build your nest egg.
However, the IRS requires you to begin taking minimum distributions from your
IRAs and employer retirement plan accounts by your required beginning date (or
at retirement, if your employer plan includes that option), whether you need the
money or not.
The amount you’re required to take is called your “required minimum
distribution,†or RMD.
RMDs must be taken annually for all tax-deferred retirement accounts you have,
including employer-sponsored plans like 403(b)s, 457(b)s and 401(k)s, as well as
IRAs and Keoghs.
If you’re still working, you may be able to delay RMDs on your retirement
account with your current employer. However, you still must take RMDs on any
other tax-deferred retirement accounts you have.
It’s important to understand the rules—and your options—for taking RMDs.
Having an overall income plan that includes your RMDs can help you pursue your
financial goals and make the most of your money.
Whether you want to set up automatic monthly withdrawals to help pay for daily
expenses, create lifetime income payments through an annuity, reinvest the money
for future needs, fund a loved one’s education, or give to charity, we can
help you with a plan that’s right for you.
The amount of your RMD for each account is based on the balance in your account
on December 31 of the previous year and your life expectancy factor, which is
determined by the IRS based on your age. This factor will vary if you have a
spouse who is 10 years younger than you and is your sole beneficiary, or if you
inherited an account.
For example, if you had $350,000 in one of your tax-deferred retirement accounts
at the end of last year and you divided that amount by your life expectancy
factor of 27.4, your RMD this year for that account would be $12,774.
When and how you take your RMDs can affect your tax bill and your long-term
finances—especially since the penalty for not taking RMDs on time is 25% of
the amounts not taken. So be sure to take your RMDs by the deadline.
For more details about taking your RMDs, view the information on this web page.
For most TIAA accounts, you can view the RMDs you need to take this year by
logging in to your account online.
If your plan allows it, you can also initiate withdrawals while you’re online.
Request your RMDs at least 60 days before the deadline to help ensure any IRS
and plan requirements—such as a spousal waiver—are taken care of in time. In
most cases, withdrawals will not take that long. If you sign up for automatic,
recurring withdrawals, no additional paperwork is required after the first year.
In general, RMDs must be taken for the first time no later than April 1 of the
year after you reach your RMD applicable age and are due every December 31 after
that.
This is a new chapter in life, and making sure you’re getting the most from
your RMDs can help you pursue a more secure financial future. If you have
questions or need support, TIAA is always here to help.
[music ends]
5 STEPS TO TAKING YOUR RMDS
RMDs can be complicated. We’re here to make it as easy as possible.
These five steps can help guide you.
STEP 1—SEE HOW RMDS APPLY TO YOU
For all the years you've been saving, taxes on your retirement accounts have
been deferred with the intention of helping your savings grow. The IRS requires
that you begin taking minimum distributions from your IRAs and employer
retirement plan accounts by your required beginning date (or retirement, if
later for employer retirement plan accounts). For IRAs (other than Roth IRAs),
your required beginning date is April 1 of the year following the calendar year
in which you reach your RMD Applicable Age. For employer-sponsored retirement
plans, your required beginning date is April 1 of the year following the
calendar year in which you reach your RMD Applicable Age or retire from the plan
sponsor, if later.
Your RMD Applicable Age was 70 ½ if you were born before 7/1/49; 72 if you were
born on or after 7/1/49 or in 1950; 73 if you were born between 1951 and 1958;
75 if you were born in 1960 or later. If you were born in 1959, federal guidance
is needed to determine if your RMD Applicable Age is 73 or 75.
In general, RMDs must be taken annually starting the year you reach the Required
Beginning Date:
* Employer-sponsored retirement plans such as 401(a)s, 403(b)s, 457(b)s and
401(k)s
* IRAs (includes Traditional, SEP, SIMPLE but not Roth)
* Keoghs
All RMDs are taxed in the year they are taken.
In some cases, RMD rules may be different. More detailsOpens dialog
STEP 2—UNDERSTAND THE RULES FOR TAKING MONEY OUT
RMDs are due from each plan
In general, RMDs due on any plan must be taken from that account. For accounts
in the same plan with different providers, RMDs generally must be taken through
each provider. However, if you have more than one 403(b) plan or more than one
IRA, the rules may be different. More details.Opens dialog
First-time RMDs must be taken no later than April 1 of the year following the
year you reach your Required Beginning Date (RBD)
If you wait to take your RMDs between January 1 and April 1 the year after your
RBD, you still have to take your next RMD by December 31 that same year, which
will increase your income and may put you in a higher tax bracket for that year.
Subsequent RMDs must be taken annually no later than December 31
Request your withdrawals at least 60 days before the deadline.
This helps ensure any IRS and plan requirements—such as spousal waivers—are
taken care of in time.
If you sign up to automatically receive your RMDs each year, no additional
paperwork—such as spousal waivers is required after the first year.
STEP 3—SEE HOW MUCH YOU NEED TO WITHDRAW
TIAA calculates your required minimum distribution (RMD) amount each year using
a life expectancy factor that is provided by the IRS. The IRS and Treasury
Department have updated this divisor in the RMD calculation to reflect the
(pre-pandemic) improvement in longevity. As a result, RMD amounts may be lower
beginning on or after January 1, 2022.
Log in at TIAA.org/myRMD to see RMDs for your TIAA accounts.
Not registered? Register nowOpens in a new window to create a user ID and
password for your account.
To view your RMDs sign in to your online account.Opens in a new window This
information will be available by the end of January in the year you reach your
required beginning date. Some specialized TIAA accounts may not appear online
(inherited IRAs, brokerage and mutual fund IRAs).
RMDs will appear for the year in which they are required. If you are taking a
first-time RMD between January 1 and April 1 the year after your RBD, the
amounts for your first RMDs will not be available online. Contact your TIAA
advisor or call 800-842-2252 to take your deferred distribution.
For RMDs on accounts outside of TIAA, contact the provider.
Keep track of RMDs for multiple accounts.
STEP 4—EXPLORE WAYS TO MAKE THE MOST OF YOUR WITHDRAWAL
Having a plan that includes your RMDs may help improve your long-term financial
health. Here are some tools that may help.
Use your RMD to jump start your savings goals
If interested in saving your RMD, putting it into high-yield savings products,
such as a CD or Money Market account, may be a viable option. Consider using
your RMD to fund your day-to-day financial needs. TIAA BankOpens in a new
window offers both a Yield Pledge® Money MarketOpens in a new window account and
a Yield Pledge® CheckingOpens in a new window account, both backed by a Yield
Pledge promise where TIAA BankOpens in a new window guarantees that your yield
will always be high. On a weekly basis, TIAA Bank assesses competitor yields and
will adjust theirs as needed to ensure they’re among the top 5% of competitive
accounts.
What are some of the reasons you should consider banking your RMD?
* Offers easily accessible liquid assets
* Cash on hand gives you the benefit of not dipping into your long-term
investments
* Quickly sets up savings for a vacation, home improvement, and other projects
you have been considering
* Allows you to pay off debts, relieving you of that burden
* Reduces stress, providing a sense of freedom and flexibility knowing you have
the cash from your RMD in a bank
* Saving money can be advantageous because it provides people the opportunity
to earn interest while keeping their money safe, providing some peace of mind
* It acts as a safety net
* Gives you the option to put it into an emergency fund for unanticipated
expense
* Open a Certificate of Deposit
Try the Retirement Income IllustratorOpens in a new window
This online tool allows you to see your RMDs year by year and compare them to
lifetime income options.
Use our budgeting worksheetOpens pdf
Map out your retirement expenses and see what your income needs may be.
Consider lifetime income options for creating income you can’t outlive.2
These options can help fulfill your RMD requirements while providing income that
won’t run out.2 Contact us to create an income plan for safe spending in
retirement.
Create your Retirement Profile
Answer a few questions to see a snapshot of your retirement income and expenses
and how to fill any gaps.
Want to reinvest or gift your RMDs? Here are some optionsOpens dialog .
STEP 5—TAKE YOUR WITHDRAWAL(S)
You can take your RMDs each year or set up an automatic withdrawal plan for your
TIAA accounts. Be sure to request your RMDs at least 60 days before you want
them to be withdrawn. More detailsOpens dialog.
Log in at TIAA.org/myRMD to request your withdrawal.
Go to TIAA.org/myRMDOpens in a new window
Not registered? Register nowOpens in a new window to create a user ID and
password for your account.
Have questions? Contact us at 800-842-2252.
MORE ABOUT RMDS
Secure
WANT AN INCOME THAT WON’T RUN OUT?
Lifetime income payments from an annuity can satisfy your RMDs and provide
income you can’t outlive.2
Learn more
Automate
NEVER MISS AN RMD
You can set up recurring withdrawals to have RMDs taken automatically each year
from your IRAs and employer plan accounts at TIAA.
Log in Opens in new window
Simplify
HAVE SEVERAL RETIREMENT ACCOUNTS?
Consider consolidating your retirement accounts to make RMDs easier.1
Learn more
Contact us
WE’RE HERE TO HELP
We can help you understand your options and create a withdrawal strategy that
works for you.
Have questions? Call 800-842-2252.
1 Before rolling over assets, consider your other options. Compare the
differences in investment options, services, fees and expenses, withdrawal
options, required minimum distributions, other plan features and tax treatment.
Speak with a TIAA consultant and your tax advisor regarding your situation.
Learn more at TIAA.org/reviewyouroptionsOpens pdf.
2 Subject to the claims-paying ability of the issuer.
3 Other fees and expenses apply to continued investment in the funds and are
described in the funds’ current prospectuses. Certain securities may not be
suitable for all investors. Securities are not FDIC insured and are not a
deposit or other obligation of or guaranteed by any bank or TIAA. Securities are
subject to investment risk, including possible loss of the principal amount
invested.
This material is for informational or educational purposes only and does not
constitute fiduciary investment advice under ERISA, a securities recommendation
under all securities laws, or an insurance product recommendation under state
insurance laws or regulations. This material does not take into account any
specific objectives or circumstances of any particular investor, or suggest any
specific course of action. Investment decisions should be made based on the
investor’s objectives and circumstances.
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Investment, insurance and annuity products are not FDIC insured, are not bank
guaranteed, are not deposits, are not insured by any federal government agency,
are not a condition to any banking service or activity, and may lose value.
Consumer and commercial deposit and lending products and services are provided
by TIAA Bank®, a division of TIAA, FSB. Member FDIC. Equal Housing Lender.
The TIAA group of companies does not provide legal or tax advice. Please consult
your tax or legal advisor to address your specific circumstances.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRAOpens in a new
window and SIPCOpens in a new window , distributes securities products. SIPC
only protects customers' securities and cash held in brokerage accounts. Annuity
contracts and certificates are issued by Teachers Insurance and Annuity
Association of America (TIAA) and College Retirement Equities Fund (CREF), New
York, NY. Each is solely responsible for its own financial condition and
contractual obligations.
Teachers Insurance and Annuity Association of America is domiciled in New York,
NY, with its principal place of business in New York, NY. Its California
Certificate of Authority number is 3092.
TIAA-CREF Life Insurance Company is domiciled in New York, NY, with its
principal place of business in New York, NY. Its California Certificate of
Authority number is 6992.
Read the TIAA-CREF Individual & Institutional Services, LLC, Statement of
Financial ConditionOpens pdf .
© 2023 and prior years, Teachers Insurance and Annuity Association of
America-College Retirement Equities Fund, New York, NY 10017
In some cases, you may not need to take an RMD at age 73.
Still working?
You may be able to delay RMDs from your current employer’s plan until the year
you retire, if the plan allows it. However, you still need to take RMDs from all
other retirement accounts, including IRAs and any previous employer plans.
* By rolling other retirement accounts into your current employer’s plan, you
may be able to delay your RMDs on all your retirement money as long as you’re
still working.1
* You must take your RMDs on any accounts other than your current employer’s
plan before consolidating to ensure you meet this year’s RMD requirements for
those accounts.
* You should seek guidance from a financial professional and tax advisor before
consolidating assets.
Learn more about getting ready for retirement and creating your income plan,
visit the Preparing for Retirement page.
Already withdrawing money?
You may have already met the RMD requirements. You should still calculate your
RMDs to be sure you’re withdrawing enough. Remember, if you have annuitized a
portion of your fixed or variable annuity, an RMD is required on the remaining,
nonannuitized balance.
Have a 403(b) plan with money accumulated prior to 1987?
Any money you accumulated in a 403(b) plan prior to December 31, 1986, is not
subject to RMDs until you turn 75. Before then, these amounts are
“grandfathered,” or deducted from your current balance before RMDs are
calculated.
Did you inherit a retirement account?
RMD rules for inherited accounts are different and can be complicated. For
inherited IRAs, contact your financial advisor or call us at 800-842-2252.
Do you have more than one 403(b) account?
If you have multiple 403(b)s, you may be able to:
1. Take the total amount due for those accounts from only one of those
accounts, or
2. Divide the amounts you take between them as you wish.Learn more about taking
RMDs from multiple accounts with the RMD worksheetOpens pdf.
Do you have more than one IRA?
If you have multiple IRAs, you may be able to:
1. Take the total amount due for those accounts from only one of those
accounts, or
2. Divide the amounts you take between them as you wish.Learn more about taking
RMDs from multiple accounts with the RMD worksheetOpens pdf
Consolidating accounts may make RMDs easier.
Having fewer accounts - or a single account - may make RMDs easier to manage.1
It also gives you a single view of your retirement money. You should seek
guidance from a financial professional and tax advisor before consolidating
assets. Here are a couple things to keep in mind:
1. If you’re still working, you may be able to roll other retirement accounts
into your current employer’s plan to delay your RMDs on all your retirement
money as long as you’re still actively employed.
2. If your RMDs are required this year, you must take your RMDs first before
consolidating to ensure you meet the requirements for each of your accounts
for the year.
3. Rolling “grandfathered” amounts prior to 1987 from 403(b) plans into another
account may result in loss of the grandfathered status.
Keep your accounts on track when taking RMDs.
1. Think about the following before taking RMDs out of your account(s):
* The asset classes in which your money is invested so you can maintain a
diversified portfolio
* The growth rates on your money so you can help maximize investment returns
* The tax consequences of your withdrawal(s) so you can help limit their
impact
2. To help make sure your RMD doesn’t change your intended asset allocation,
consider taking your withdrawal(s) equally across your investments. This is
known as taking your RMD “pro rata.”
3. After you take your RMD, look at the remaining assets and rebalance your
account(s) to help make sure you stay on track for your retirement goals.
Whether you choose to save it or gift it, here are some considerations:
Create a monthly lifetime income payment from your retirement annuity.
Money from a tax-deferred account that is converted to a lifetime annuity
payment helps reduce your current RMDs and in the future is not subject to RMD
requirements. If you already have annuity assets in your retirement plan
account, call TIAA to see what you can earn as a lifetime income payment. 2
Reinvest it for the longer term.
Brokerage accounts give you access to stocks, exchange-traded
funds, 3 fixed-income securities, options and other securities. If you want
professionals to choose and manage investments for you based on your needs and
goals, you can also try a managed account.
Help a loved one save for college.
You can give the gift of education through tax-advantaged 529 college savings
plans.
Help protect those you care about.
Consider life insurance for potential tax advantages and the opportunity to
create a legacy.
Give to the causes you care about.
A payment directly from your IRA to a qualified charity—called a qualified
charitable distribution (QCD)—can meet the RMD requirement without taking the
money as taxable income. Please review detailed QCD rules with your tax
professional.
Be sure to request your RMDs at least 60 days before you want them to be
withdrawn
* Spousal waivers or other requirements may be necessary before you can take
your RMDs out of your accounts.* Start early to help make sure your money is
withdrawn on time.
* New paperwork is required each time you take a withdrawal unless you set up
recurring withdrawals.
* Once the RMD request has been processed, you’ll generally receive your funds
within two business days if you select an electronic funds transfer (EFT) or
within five business days if you request a check.
*Spousal waivers—The Employee Retirement Income Security Act (ERISA) requires
spousal consent for certain transactions. If your employer is subject to ERISA
rules or has elected to adopt the provisions, your spouse must approve and sign
off on withdrawals. Your spouse must sign the waiver in front of a notary or, if
still employed with the sponsoring institution, the designated plan
representative. Please note: Your spouse’s signature can’t be dated before your
signature. You can acquire the spousal waiver form in a variety of ways: from a
link within the Message Center; from a link within your Pending To Do’s list; it
can be emailed to you by contacting TIAA; or it can be downloaded on the
Confirmation Page when you submit your RMD transaction
through TIAA.org/myRMDOpens in a new window.
Automated withdrawals from TIAA accounts
If you don’t want to worry about remembering to take your RMDs, you can set up
recurring withdrawals for your TIAA accounts. However, you still need to take
RMDs from any other retirement accounts outside of TIAA yourself.
Your TIAA withdrawal options
* You can schedule your RMDs through the self-service RMD process. With this
process you can:
* Choose when and how often you want to take withdrawals (monthly, quarterly,
semiannually or annually). Choose automated, or “recurring,” withdrawals to
have your RMDs taken automatically from your account(s) every year.
* Change your options at any time during the year.
If you prefer, you can take a simple cash withdrawal.
Other retirement accounts
For other retirement accounts, contact the provider for each account.
Too many accounts?
To make RMDs easier, consider consolidating your retirement accounts1.
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