Q. I have several IRAs and I’m in my 70s. Do I have to take a set percentage from each one? I.S., Atlanta
A. No. If you have multiple IRAs, add up the total value and then consult the tax tables for “required minimum distributions” (RMDs). Your life expectancy determines the amount of the RMD. For instance, under the Uniform Lifetime Table, a 75-year-old male widower must take RMDs based on a life expectancy of 22.9 years. If the widower has a total of $100,000 in IRA assets, he must withdraw $4,367 this year ($100,000 ÷ 22.9). But you can take that amount from any one IRA, or a combination of IRAs, that you wish.
Tip: The usual deadline for RMDs is Dec. 31, 2013, but you might make arrangements sooner.