Yes, at the age of 72, the IRS mandates that you take out the required minimum amount each year. If you fail to take the required minimum each year, you will be subject to an IRA penalty.
Member Login
Business Login
News
Office Closure
In observance of Memorial Day, our offices will be closed on Saturday, May 23, 2026, and Monday, May 25, 2026. The Hub @ Jack’s Fresh Market will be open on Saturday, May 23, 2026.
Regular business hours will resume on Tuesday, May 26, 2026.
Although our branch may be closed, we’re open digitally. Manage your accounts, transfer funds, deposit checks, and more through Online Banking, the LFCU Mobile App, or our ATM/ITM.
Yes, at the age of 72, the IRS mandates that you take out the required minimum amount each year. If you fail to take the required minimum each year, you will be subject to an IRA penalty.