The tax breaks you receive in your retirement accounts don’t come for free. When you hit age 70 ½, you generally have to start withdrawing money from those accounts, even if you don’t want to.
These required minimum distributions, outlined by the IRS, can be a drag for the unprepared and can cost you as much as a 50 percent penalty if you fail to take them.
Fortunately, you have plenty of options that can provide you with some tax advantages, offer you a lifetime stream of income or help you leave a legacy to future generations.
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