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This year the oldest boomers — those born in 1946 — will turn 70 ½ and face taking required minimum distributions, or RMDs, from their retirement plans. These plans include 401(k)s, 403(b)s, 457s and IRAs or IRA-based plans such as SEP IRAs and SIMPLE IRAs. You fall into this category if you turned 70 between Jan. 1 and June 30 of 2016. If your birthday is July 1 or later, you’ll owe your first RMD in 2017.
For RMD novices taking the hit this year, here are some things you should know.