To avoid situations where someone doesn't make any withdrawals so they don't ever have to pay taxes, the IRS enacts required minimum distributions (RMDs), which begin the year you turn 73. The exact ...

Using retirement accounts is one of the best ways to save for your retirement. Not only are you proactively saving for retirement, but you're also getting a tax break for doing it. Accounts like 401(k ...

Tax-deferred accounts such as traditional IRAs and 401(k) plans allow workers to delay paying taxes on qualified contributions. But the government must eventually get its due. Upon reaching a certain ...

The IRS eventually comes looking for the tax revenue it didn't get to collect earlier on the money invested within IRAs and other tax-deferred accounts. Just because you withdraw money from a ...

Required minimum distributions (RMDs) start in the year you turn 73. Your RMD is determined by your age and account balance at the end of the previous year. Failing to take your RMD could result in a ...

Retirement accounts like the 401(k), 403(b), and traditional IRA are tax-deferred, meaning you get a tax break upfront (the ability to deduct contributions from your taxable income), but you must ...

Once you reach the age of 73, the IRS requires you to make minimum annual distributions from non-Roth retirement accounts. You must calculate your own RMD based on the value of your ordinary IRAs as ...