An individual retirement account, more commonly referred to as an IRA, is a good place to save for your retirement. Once you reach a certain age, though, you'll have to start taking a minimum amount ...
Most retirees 73 and older must take RMDs from at least some of their retirement accounts by Dec. 31. Failing to take RMDs can result in a penalty of up to 25% on the amount you should have withdrawn.
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