One of the biggest advantages of retirement accounts like the IRA and 401(k) is the ability to avoid paying taxes. Instead of paying taxes upfront, you can defer those taxes until retirement.

Required minimum distributions, or RMDs, are the amounts that must be withdrawn each year from specific retirement plan accounts upon reaching the required minimum distribution age. These mandatory ...

Mandatory withdrawals are technically called required minimum distributions. When must I take them? If you were born before 1951, you’ve probably already begun taking required minimum distributions.

The penalties for missing an RMD are quite steep, and you'll owe taxes on the withdrawal anyway. The IRS made several updates to how much you must withdraw from various types of retirement accounts ...