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This article explains how required minimum distributions (RMDs) work for pre-tax retirement accounts like 401(k)s and IRAs, particularly highlighting the need to withdraw a minimum amount to avoid penalties. While RMDs are mandatory starting at age 73, the article offers strategies to manage and potentially reduce future RMD obligations and their tax impact through options like qualified charitable distributions, Roth conversions, structured withdrawals, and investment in annuities. Careful planning and advice from a financial advisor can help in effectively navigating RMDs.
Source: YAHOO