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RMDs and associated taxes can eat into your savings. Here are smart ways to help minimize taxes. Dean Drobot / Shutterstock.com
Editor’s Note: This story originally appeared on NewRetirement. When we reach a certain age we must – in order to avoid tax penalties – take required minimum distributions from IRAs, 401(k)s, and other types of tax-advantaged accounts (all retirement accounts funded with pre-tax contributions). Until recently, the age for almost everyone was 72 (unless you turned 70.5 before the end of 2019).
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