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What percent of an IRA does a person have to take each month after they are 70 years old?

Asked by Charlie on Facebook.

If you have a traditional IRA, you must receive a minimum distribution starting when you are 70 1/2 years old. In order to figure out what that amount is, you must first find your account balance on December 31 of the previous year. Then divide that number by the applicable distribution period or life expectancy. You can find those numbers in the Life Expectancy Tables in the IRS publication on IRAs

Learn more about traditional IRA distributions

If you have a Roth IRA, you are not required to take distributions at any age. The minimum distribution rules that apply to traditional IRAs do not apply to Roth IRAs while the owner is alive.

Learn more about distribution rules and Roth IRAs