Individual Retirement Accounts
Frequently Asked Questions


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Contributions and distributions

How do I calculate my Required Minimum Distribution (RMD)?

Your Required Minimum Distribution (RMD) is calculated by using the ending balance of your IRA on December 31 of the prior tax year and dividing that number by your life expectancy the year the withdrawal will be made. If you are married and your spouse is the sole beneficiary of an IRA during an entire year and your spouse is more than ten years younger than you are on your birthdays during the year, then the RMD for the year is based on the joint life expectancy of you and your spouse. You may contact a credit union representative for more information.

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