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Even rock stars get older. Although it may seem hard to believe, both Steven Tyler of Aerosmith fame and rock legend and reality tv star Ozzy Osborne celebrate their 70th birthdays in 2018. Steven Tyler turned 70 on March 26, 2018 and Ozzy will reach that milestone on December 3, 2018.

Do rock stars have IRAs? If they do, like the rest of us mere mortals, they must take required minimum distributions (RMDs). The rules say RMDs must start for the year the IRA owner reaches age 70 ½. The first RMD can be delayed until April 1 of the following year. To calculate the RMD, the IRA owner will use their age on their birthday in the year for which the RMD must be taken.

The RMD rules are tricky! Even though Steven and Ozzy will both celebrate their 70th birthdays in 2018, their RMDs will work very differently.

Steven Tyler’s RMD

Because Steven’s 70th birthday is in March, he will reach age 70 ½ in 2018. He must take an RMD for this year. His deadline for taking it will be April 1, 2019. He will calculate his first RMD using the age 70 because that is the age he attains on his birthday in the year for which he must take his RMD.

Ozzy Osborne’s RMD

For Ozzy, it will work differently because his 70th birthday is in the second half of the year. He will not reach age 70 ½ until 2019. Therefore, the first year for which he will need to take an RMD is next year, 2019. His deadline for his first RMD would be April 1, 2020. He will calculate his first RMD using the age 71 because that is the age he attains on his birthday in 2019, the first year he must take an RMD.

Which Rock Star Are You?

If you will be celebrating your 70th birthday in 2018, ask yourself which rock star are you? Are you like Steven Tyler, or are you like Ozzy Osborne?

If you were partying like a rock star on your 70th birthday in the first half of 2018 (January- June), you are like Steven and will follow the same rules as him. If you are like Ozzy and celebrating your big 70th birthday bash in the second half of the 2018 (July-December), you will follow the same set of rules as Ozzy.


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