If you have money in certain qualified-retirement vehicles, including (but not limited to) 401(k)s, 403(b)s, 457(b)s, Traditional Individual Retirement Accounts / Annuities (IRAs), then -- beginning at age 70 1/2 -- you will need to consider the Internal Revenue Service's (IRS) rules concerning the so-called Required-Minimum Distribution (RMD).
I have gone into the basics of the RMD, elswhere. For an overview, see:
For a summary of the steps involved in taking your RMD, see:
On taking distributions in general, consult:
Some people don't mind the RMD, for example, if they are already taking distributions or if they need the RMD to cover expenses.
However, some people find themselves in the position of having to take an RMD when they don't actually need the money.
If you're in that position, realize that you have several options. Some of them include the following.
(1) You can take a distribution and then give it to a person or organizati...
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)