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That's why it imposes required minimum distributions, or RMDs, on retirement accounts. Anyone age 73 and older must withdraw a certain amount from their tax-deferred accounts by the end of each year.
On the off-chance you aren't already aware, RMD is an acronym for "required minimum distribution." Just as the name suggests, this is the annual removal of money from a contributory IRA, 401(k ...
That's why it institutes required minimum distributions, or RMDs, on retirement accounts. Once you reach a certain age, you'll have to start taking withdrawals from your IRA, 401(k), and other tax ...
Required minimum distributions (RMDs) are minimum amounts that U.S. tax law requires one to withdraw annually from traditional IRAs and employer-sponsored retirement plans and pay income tax on that withdrawal. In the Internal Revenue Code itself, the precise term is "minimum required distribution". [1]
Image source: Getty Images. 1. You can only invest in certain accounts. If you're reinvesting your RMD, you can't put that money back into a tax-deferred account like a 401(k) or traditional IRA ...
3. Workplace retirement plans have an RMD exception. If you have a retirement plan at work, such as a 401(k) or 403(b), there’s an important RMD exception.
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