Top Tip Finance

What is Required Minimum Distribution?

Following years of hard work and consistently saving a portion of your income, you've reached the age of retirement. Now, it's time to strategize how you'll withdraw funds from your savings to cover your living expenses during retirement. The IRS mandates that individuals with qualified retirement accounts commence mandatory withdrawals once they turn 72, referred to as Required Minimum Distributions (RMDs). By understanding the fundamental guidelines for RMDs, you can devise a plan to optimize your distributions and mitigate the impact of taxable withdrawals.

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