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