Penalty May Be Waived by Switching to the Five - Year Option If the retirement account owner died before the required beginning date (RBD), the beneficiary may be required to distribute the assets within five years or over his or her life expectancy. (businessinsider.com)
If you continue working past age 70 1/2 and are still participating in your employer's retirement plan, your required beginning date under the plan of your current employer can be as late as April 1 following the calendar year in which you retire (if the retirement plan allows this and you own five percent or less of the company). (pnc.com)
Since this first distribution generally must be taken no later than April 1 following the year you reach age 70 1/2, this date is known as your required beginning date. (pnc.com)