There's an IRS formula, which you apply to the balance of the IRA or 401 (k) that you've been saving in for your whole working life, and you make your tax payment on the RMD withdrawal by Dec. 31. If ...

When you reach a certain age, you'll likely be required to withdraw a certain percentage of your savings from your retirement account each year. However, these required minimum distributions (RMDs) ...

Retirement is expensive enough without donating 25% of your savings to the IRS in penalties. If you’re over 73, check your ...

There are number of ways for older Americans to manage their income, investments, and charitable contributions to pay less to ...

In your 70s, it's time to put your retirement plan into action. Here are some tips on how to maximize your success.

Discover if you can deduct IRA contributions based on your participation in employer-sponsored plans, filing status, and MAGI. Learn the rules you need to know.

Tax considerations with RMDs are especially important. Retirees should also evaluate when the best time is to take their RMDs. Reinvesting RMDs is often a smart move for retirees, but it isn't always ...

Required minimum distributions begin the year you turn 73 years old. The amount of your RMD largely depends on your age and your retirement account balance at the end of the previous year. The initial ...

Taking your first RMD late could leave you with a lot of extra taxable income for the year, potentially moving you into a higher tax bracket. Taking it early can help you just get it over with. You ...

The SECURE acts introduced several major changes to RMDs over the last few years. The changes impact both retirees and those who inherited an IRA within the last five years. Knowing the rules could ...

Most people take RMDs toward the end of the year, which is probably better if you’re doing other things like qualified charitable distributions. First-time RMD takers can delay until April 1, but they ...