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If you save money in a traditional tax-deferred retirement account, you can deduct the amount you put in on your tax return this year. That gives you more money to invest right now. But ultimately ...
Individuals with tax-deferred accounts must take required minimum distributions (RMDs) once they reach a certain age. Read on to learn three important RMD rules that every investor should know ...
3. Workplace retirement plans have an RMD exception. If you have a retirement plan at work, such as a 401(k) or 403(b), there’s an important RMD exception.
After all, if you fail to take yours, you could face a 25% penalty tax on the amount you should have withdrawn. If you just withdrew your 2024 RMD, you can put that money toward 2025 living expenses.
The amount you are required to withdraw is calculated by dividing your tax-deferred retirement account balance as of Dec. 31 of the preceding year by a life expectancy factor that corresponds with ...
Image source: Getty Images. 1. Required minimum distributions no longer apply to Roth 401(k)s. If you decided to save in a Roth 401(k) instead of your employer's tax-deferred 401(k) option, you ...
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