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Heads Up! RMD time is here for 2025
Many retirees have multiple deferred income accounts — 401(k)s, IRAs, etc. — and, as a result, the December 31 deadline for required minimum distributions requires careful planning. While it sounds like it should be a simple scheduling matter, it can get complex when there are multiple accounts with multiple financial institutions, with some requiring intervention for income tax withholding and others subject to varying destination accounts. The bottom line, of course, is that there can be severe penalties–25% of the calculated amount–for not fully taking the required RMD by the prescribed deadline.
Kate Dore, personal finance reporter for CNBC.com, offers a recap that can help you manage the year-end withdrawal process and avoid penalties. Check out her cnbc.com post here…