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What are required minimum distributions?

Once you reach age 73Footnote * the IRS requires you to withdraw a minimum amount each year from certain IRAs. These withdrawals are called required minimum distributions or RMDs.
To get an idea of how much you must withdraw, use our RMD Calculator.

What you need to know

Setting up transfers

You can now set up, edit or cancel your RMDs online. Use the Transfers & Withdrawals page to set up one-time or recurring transfers from your IRAs. You can have distributions transferred to a Merrill Cash Management Account, a Bank of America checking or savings account, or an externally linked account. You also can use the Transfers & Withdrawals page to arrange to receive your distribution by check.

Let us help

Our convenient RMD service allows you to authorize Merrill to automatically calculate and distribute your annual RMD from your IRAs to a Merrill or Bank of America account, or to an account at another financial institution, based on your instructions.
  • We will automatically calculate your distribution to help ensure your RMD is taken each year, avoiding potential additional taxes.
  • The service also helps ensure that you do not over- or under-distribute in a given year.

Footnote * The SECURE Act 2.0 changes the age at which individuals need to start taking RMDs from 70½ to 73. This change does not apply to those who turned 70½ in 2019 or earlier. They generally must begin taking RMDs upon reaching age 70½. Rules governing RMDs can be complex, so be sure to discuss your distribution with a tax advisor.

If you have other assets, income, and investments that are not included in this analysis, they will not factor into any of the analysis or results. In applying this information to your individual situation, you should consider all of your assets, income, and investments, including those that are not taken into account in this analysis.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.


Need help?

To learn more about RMDs and our RMD Service, contact us at


Here are links to helpful articles about taking your required minimum distributions.