Minimum Required Withdrawals (MRWs) - also known as Required Minimum Distributions - are the amounts the IRS requires individuals to withdraw each year from certain retirement accounts starting at age 73.
For many, MRWs provide a reliable source of retirement income and encourage thoughtful financial and tax planning. But for those who don't need their full withdrawal, MRWs can also create an opportunity to support causes that reflect a lifetime of service.
Who Must Take an MRW?
You are required to take MRWs if you have:
Traditional IRAs
SEP or SIMPLE IRAs
401(k), 403(b) or 457 plans (from previous employers)
Roth IRAs are NOT subject to MRWs during the owner's lifetime.
When Do MRWs Begin?
MRWs generally begin at age 73 and the first withdrawal must be taken by April 1 of the year following the year you turn 73
All future MRWs must be taken by December 31 each year
If your first MRW is delayed until April 1, you will need to take two withdrawals in the same year, which may increase taxable income
Why This Matters to Our Mayport Navy League Membership?
Many Navy League members and supporters are:
Retired or nearing retirement
Managing pensions, TSPs, IRAs, or other retirement savings
Making decisions that affect taxes, charitable giving, and long-term financial security
Understanding MRWs helps families plan, avoid penalties, and make informed financial decisions.
One option is making charitable distributions from their required withdrawal to the Mayport Navy League, where these contributions can help our food program or education programs such as high school JROTC, college ROTC, and Mayport Sea Cadet programs - all with a mission to strengthen our sea services, support military families, and advocate for a strong national defense while also being part of a sound financial plan.
What Information Is Typically Needed?
From the individual making the withdrawal:
Name and contact information
Retirement account provider information
Confirmation that the distribution is intended as a charitable gift
Any donor recognition preferences (e.g., anonymous or acknowledged)
From the Mayport Navy League:
Legal organization name
Federal tax identification (EIN)
Confirmation of nonprofit (501(c)(3)) status
Mailing address and contact information for acknowledgment
Members are encouraged to consult a financial or tax professional to determine the options that best fit their personal circumstances. If there are questions, please contact John Vargo, MNL Treasurer, at jvargo@bellsouth.net.
