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RMDs start in the year you turn 73
Retirement accounts like 401(k)s and traditional IRAs give you a tax break by lowering your taxable income; however, withdrawals are subject to taxation. Yes, the year you turn age 73, you are required to make withdrawals. If you don’t, it could result in a penalty of 25 percent or 10 percent if corrected promptly. Stefon Walters demonstrates the required minimum distribution if you have $750,000 in your retirement account. To read Mr. Walters’ article for The Motley Fool, click here…
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