IRA required Minimum Distributions (RMD)
These required minimum distributions must start in the year the IRA owner becomes 70.5 yrears of age or there will be penalties. The IRS can assess a excess accumulation penalty of 50% of what was accumulated over what should have been retained. That can be painful.
The only exception to this is when your spouse is your beneficiary and is more than 10 years younger than you, the owner, at all times during the year. In this case you can use the joing and survivor life expectancy which will result in a lower payout to you or extend the payments to you.
