Generally, individuals are required by law to take an annual withdrawal from their IRA, Simple IRA, SEP IRA, or other retirement plan vehicles such as a 401K plan once they reach age 72 (or 70 1/2 before 2020). They have until April 1st of the following year after reaching the required RMD age to take their first RMD payment. Every year thereafter, they must take the RMD by December 31st.