RMD Calculator

If you are age 73, you may be subject to taking annual withdrawals, known as required minimum distributions (RMDs) from your tax-deferred retirement accounts. A traditional IRA account is tax-deferred, so RMDs are mandatory once you turn 73. 

Yes, so long as your Gold IRA is a Traditional (not a Roth), it follows the same RMD guidelines.

When RMD time rolls around, if you have a Gold IRA, you have the option of taking an in-kind distribution. That means, rather than liquidating your precious metals for cash, you can have the physical gold and silver you own delivered to your home. (This way, you can continue to benefit from the diversification benefits of owning physical precious metals during your golden years.)

Generally speaking, no. For RMD purposes, the IRS considers all tax-advantaged accounts similarly. There are exceptions (such as an inherited SDIRA). For most people, however, your self-directed IRA can be considered side-by-side with your traditional retirement savings accounts.

In general, you should take your RMDs by the end of the year (December 31).

In the year you reach RMD age (73), you have the option to complete your first RMD by April 1 of the following year. (If you elect to delay your first RMD you’ll need to take two distributions in the same tax year.) This could have tax implications, so consult with your tax advisor before making your decision.

If you don’t make your RMD withdrawals as directed, you’ll be subject to a penalty from the IRS. 

Currently, the SECURE Act 2.0 imposes a 25% excise tax on insufficient or late RMD withdrawals (originally, the penalty was 50%). Fortunately, a “timely” correction can bring the penalty down to 10%. Learn more at the IRS guidelines for RMDs and consult your accountant or tax advisor for additional assistance.

RMDs are required for all tax-deferred retirement savings plans. This includes: 

• Traditional, Rollover and Inherited IRAs
• Self-directed IRAs (SDIRAs)
• SEP (Simplified Employee Pension) IRAs
• SIMPLE (Savings Incentive Match Plan for Employees) IRAs
• Qualified Retirement Plans (QRPs)

Additionally, these other types of non-IRA retirement savings plans are subject to RMDs:

• Individual 401(k)
• Keogh
• 403(b)(7)

Generally, no. The exception is an inherited Roth IRA, which would be subject to RMDs.

Yes, you can withdraw more than the RMD from your IRAs without penalty. Once you’ve reached age 59½, you’re able to withdraw any amount you wish from your account penalty-free. However, your withdrawals will generally be taxed as ordinary income. 

Furthermore, withdrawing more than your RMD in one year will not satisfy your RMD requirements in future years.

No. In order to satisfy your RMD with a Precious Metals IRA, you have two choices: 

• Sell precious metals and withdraw cash to satisfy your RMD requirements
• Request an in-kind distribution of physical precious metals (this means you can receive the actual metals you own rather than selling them)

For traditional IRA accounts (including SEP and SIMPLE), no – you should calculate your RMD for each account, but once that’s done you can take your RMD from a single IRA account. 

Yes – so long as you don’t try to reinvest in a tax-advantaged retirement account. You can request an in-kind distribution (keep your gold and silver), deposit your cash in the bank, reinvest in a taxable brokerage account, donate it to charity… 

For physical precious metals, the total and individual value(s) are reflected at the spot price per ounce on the statement and may not represent an accurate valuation of the precious metals held. Spot price per ounce doesn’t include premiums offered by bullion buyers, rarity, condition, current demand and so on. However, the IRS requires that your distribution reflect the fair market value (FMV) of your assets. That’s best established through either a professional appraisal, or contacting Birch Gold Group for a current fair market valuation.