Forced to withdraw from retirement accounts | Money Matters
What you need to know
Last updated 6/23/2021 at 3:01pm
We're always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs.
But did you know the government does an about-face and forces us to take money out of those accounts once we reach retirement? It's called the required minimum distribution (RMD) rule.
Here are some tips you should know about RMDs well before you reach retirement age.
The one year hiatus is gone. The required minimum distribution rules were suspended in 2020. They are now reactivated for 2021. This will catch many by surprise, so remind any loved ones over-the age of 72 to make their distrib...