Happy half-birthday! Take some money

Chances are you haven't thought about a half-birthday since you were, oh, 61/2. But if you turned 701/2 last year, have a traditional IRA and don't know what a required minimum distribution (RMD) is, April 2 is an important day financially.

The IRS requires anyone with a traditional IRA to withdraw at least a minimum amount every year after he or she turns 701/2. Those who turned 70 between Jan. 1 and June 30 last year must take their first distribution no later than April 2 this year. (It's usually April 1, but that's a Sunday this year.) Each additional yearly distribution must happen by Dec. 31, so those taking their first RMD on April 2 this year have to do it again nine months later. Those who turned 70 between July 1 and Dec. 31 last year have until April 1, 2013, to take their first RMD. Roth IRAs aren't subject to required minimum distributions.

To calculate your RMD, go to apps.finra.org/Calcs/1/RMD.