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How to put your RMD to work (and avoid a 50% penalty)

December 22, 2016

money 24 600x450It’s that time of year again, the time when people 70 and up are scratching their heads about RMDs — required minimum distributions.

At age 70½, holders of non-Roth individual retirement accounts are required by the IRS to begin withdrawing money from those accounts every year. Most people take this distribution in November or December, and if they don’t get it over with, they’re on the hook for a 50% penalty. While some people may need these distributions to supplement their retirement incomes, for many that’s not the case.

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