As you approach the age of 73, it’s time to start thinking about taking required minimum distributions (RMDs) from your retirement accounts such as 401(k)s, 403(b)s, and individual retirement accounts (IRAs). There are many rules and requirements surrounding these mandated withdrawals to be aware of—not to mention tax ramifications.
To avoid costly mistakes, such as withdrawing the wrong amount or forgetting to take a distribution altogether, it’s a good idea to make a long-term plan that maps out your retirement distribution schedule.
