3 of the Costliest RMD Mistakes Retirees Make -- and How to Avoid Them
These could deal your retirement finances a blow.
3 of the Costliest RMD Mistakes Retirees Make -- and How to Avoid Them
Overview
Saving for retirement in a traditional IRA or 401(k) offers a lot of perks. But there's a big drawback -- having to eventually deal with required minimum distributions, or RMDs.
RMDs are the IRS's way of getting to tax retirement savers who contributed to their IRAs or 401(k)s on a pretax basis. Starting at 73 or 75, depending on your year of birth, you must withdraw a certain portion of your retirement savings.
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Originally published at www.fool.com.
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