IT’S THAT TIME of the year. We seasoned citizens must take our required minimum distributions (RMDs) from our retirement accounts, like it or not, needed or not. Uncle Sam forces us to take these taxable withdrawals, so he can get his share.It’s a fairly simple process to figure out how much needs to be withdrawn. Determine the total value of your qualified retirement accounts, such as your 401(k) and traditional IRA, as of the previous Dec. 31. Get your hands on the right IRS chart. Look up the required percentage to be distributed based on your age. And there you have it.
But sometimes it’s not that easy. Take a look at my experience on HumbleDollar.com
Confused about the RMD rules? Here is a good summary.