If you are, remember to take your Required Minimum Distributions (RMD) from your retirement accounts such as your 401(k)s and IRAs. You will need to do this by the end of the year. If you don’t, you will face a heavy tax penalty of 50 percent of the required amount.
The IRS has allowed these investments to increase in value, tax-deferred for the life of the contribution. And, the IRS wants the tax revenue it is owed.
You should work with a professional to determine the right amount you will need to withdraw. RMDs are based on age and year-end values in eligible accounts. Talk with Cheri before the end of the year to help determine what is best for you.