Summary
RMDs: Beginning at age73 (or 75 if you were born in 1960 or later), you must begin taking RMDs from your 401 (k), even if you don’t need the funds to cover bills. It’s at that time that you’ll owe taxes on the amount withdrawn. While it’s nice to get a tax break while contributing to a 401 (k), the taxman eventually wants his piece of the pie.
Source: USA TODAY
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