Summary: At age 73, with a $1M IRA, expect around $37,736 RMD and 12% tax bracket.

From Yahoo Finance: 2025-06-30 08:00:00

At 73, you must start taking required minimum distributions (RMDs) from your traditional IRA, calculated based on IRS formula. With a $1 million IRA, your 2025 RMD would be around $37,736. Planning to withdraw 4%? Expect to fall into the 12% tax bracket initially.

To determine your tax bracket, consider a $40,000 IRA withdrawal and $36,000 annual Social Security benefit. After calculations, you may fall near the top of the 12% bracket. Consult with a financial advisor for personalized advice on RMDs and tax planning in retirement.

At age 50, you can make catch-up contributions to retirement accounts. In 2025, add $7,500 to a 401(k) and $1,000 to an IRA. Between ages 60 and 63, the 401(k) catch-up limit increases to $11,250 under SECURE 2.0, boosting your retirement savings.

Consult with a financial advisor to plan for RMDs, build retirement income streams, and take advantage of catch-up contribution opportunities. Use SmartAsset’s free tool to find an advisor who meets your needs and goals. Start planning now for a secure financial future.

Read more: I Have $1M in My IRA. How Much Will I Pay in Taxes When RMDs Begin?