Are you turning 70½ this year?

It’s not unheard of to round down your age, sometimes by decades, but this time it is important to know your exact age.

If you will be at least age 70-½ by Dec. 31, 2018, the IRS mandates that you begin taking the required minimum distribution (RMD) from each Individual Retirement Account (IRA) plan that you own.

You may delay your first required distribution no later than April 1 of the year following the year you reached age 70-½. However, your RMD must also be taken by Dec. 31 for that year. If you fail to take your full RMD on time in any year, you’ll owe the IRS a stiff penalty of 50 percent of the required amount that was not distributed.

Need help calculating the amount you are required to withdraw from your IRA? Visit any of our branches or call TCU’s Member Service Center at (800) 877-8328.