Get to know required minimum distributions

Description

Abstract: The government requires owners of many retirement accounts to take required minimum distributions (RMDs) by April 1 of the year after they turn 70½. This article provides some guidance on the rules for RMDs, including how they’re typically calculated. The article notes that owners of retirement accounts who fail to take the appropriate RMDs can face penalties of 50% of the amount that wasn’t withdrawn, but should have been.