Required minimum distributions are many a retiree’s bugaboo. RMDs force retirees to withdraw a certain amount of money from their tax-deferred retirement savings accounts, whether they need that much money or not, often generating high income taxes for the year. Luckily, there are a few ways to minimize your RMDs — or even get around them entirely.
Tax-deferred retirement savings accounts, such as traditional IRAs, allow you to contribute money tax-free, but they require you to pay taxes on the money you take out of the account. Without RMDs, a retiree could just leave the money in the account forever, […]
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