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It’s not just saving for retirement you need to worry about, but drawing down your money at the right time, too.
The IRS requires savers to make withdrawals from their retirement accounts starting at the age of 70½.
The dreaded required minimum distributions, known as RMDs, apply to most individual retirement accounts, as well as work-based accounts such as 401(k) and 403(b) plans. One exception is the Roth IRA, to which after-tax contributions are made. However, inherited Roth IRAs are subject to the requirements.
Your first mandatory withdrawal typically must be taken by April 1 after the year you’ve…