Menu

Updated

How do I take my RMD from my retirement account?

Your required minimum distribution (RMD) is the minimum amount you must withdraw from your account each year when you reach age 70½, if you turned age 70 ½ prior to January 1st, 2020.  If you turn 70 ½ after December 31st, 2019 then your first RMD is required by April 1st of the year following the calendar year in which you reach age 72. Please see: Retirement Topics — Required Minimum Distributions (RMDs)You can schedule a withdrawal from your retirement account to satisfy your RMD. Here’s how: 

Login to your Wealthfront account and select the “Transfer Funds” link at the top of your dashboard and then the “Take money out” option.

Screen_Shot_2019-10-25_at_11.15.33_AM.png

Select the retirement account you want to take the RMD from and select the “Normal/Qualified Distribution” option.

 Screen_Shot_2017-11-14_at_3.27.57_PM.png

 

You’ll then select the bank account where you want the funds deposited and be asked to enter the amount you want to withdraw. Click continue and then the “Transfer” button.

Please note that we’ll send a verification email to the email address on file. Once you verify the email we’ll execute the trades and send the funds to the bank account on file upon trade settlement. Withdrawals take approximately 3-4 business days to complete.

Was this article helpful?

This communication has been prepared solely for informational purposes only. Nothing in this communication should be construed as an offer, recommendation, or solicitation to buy or sell any security or a financial product. Any links provided to other server sites are offered as a matter of convenience and are not intended to imply that Wealthfront or its affiliates endorses, sponsors, promotes and/or is affiliated with the owners of or participants in those sites, or endorses any information contained on those sites, unless expressly stated otherwise.

Wealthfront offers a free software-based financial advice engine that delivers automated financial planning tools to help users achieve better outcomes. Investment management and advisory services are provided by Wealthfront Advisers LLC, an SEC registered investment adviser, and brokerage related products are provided by Wealthfront Brokerage LLC, a member of FINRA/SIPC.

Wealthfront, Wealthfront Advisers and Wealthfront Brokerage are wholly owned subsidiaries of Wealthfront Corporation.

© 2020 Wealthfront Corporation. All rights reserved.

Wealthfront prepared this article for informational purposes and is not intended as tax advice nor as an offer, recommendation, or solicitation to buy or sell any security. Wealthfront does not represent that any strategy will result in any of the outcomes described, including the effectiveness of any strategy in reducing tax liability, as this depends on an investor’s specific tax and investment profile. Investors are encouraged to consult their personal tax advisors regarding their unique circumstances and any outcomes/consequences that may result from any investment strategy. Investors and their personal tax advisors are responsible for how the transactions in an account are reported to the IRS or any other taxing authority.

Wealthfront and its affiliates may rely on information from various sources we believe to be reliable (including clients and other third parties), but cannot guarantee its accuracy or completeness. See our Full Disclosure for more important information. Financial advisory and planning services are only provided to investors who become clients by way of a written agreement. All investing involves risk, including the possible loss of money you invest. Past performance does not guarantee future performance.

Financial advisory, planning, and investment management services are offered by Wealthfront Inc. (“Wealthfront”), an SEC registered investment adviser. Brokerage products and services offered by Wealthfront Brokerage Corporation, member FINRA / SIPC, and a wholly-owned subsidiary of Wealthfront.