Take Your Required Minimum Distributions

Money & SavingsThe following is a guest post by Jim Young. If you’re already 70 1/2, the term Required Minimum Distribution (RMD) is likely part of your vocabulary. If not, it needs to be – and soon. When you reach this magic number, you are required by tax law to withdraw each year a portion of the funds in most types of retirement accounts – traditional IRAs, SEP and SIMPLE IRAs, 401(k)s, 403(b)s, 457b(s) and profit sharing plans (the rules don’t apply to Roth IRAs …