If you know what that is then you want to read this…
Please be aware that the SECURE Act “Setting Every Community Up for Retirement Enhancement Act of 2019 passed and became law in December 2019. If you reached the age of 70½ in 2019 the “old rules” apply to you. Meaning you would have had to start taking RMD by April 1, 2020. If however you became 70½ in 2020 then you start taking your first RMD by April 1st of the year after you reach 72. Please note that you can take more than the minimum required amount each year.
Also please note that for defined contribution plan participants or IRA owners who pass away after 12/31/2019 the SECURE Act requires the entire balance of the account to be distributed within 10 years. There are exceptions for surviving spouses, children who are not the age of majority, disabled or chronically ill persons or a person not more than 10 years younger than the employee or IRA owner.
Please contact your investment advisor or CPA for more information.