Avoid Costly Mistakes: Take Your 2023 Required Minimum Distributions (RMDs) Now

Confusion about retirement fund minimum distributions can lead to costly mistakes. Minimum distributions are not required at age 59.5, but rather at age 73 or later, depending on the birth year. If still working, RMDs can be postponed for retirement plans sponsored by the current employer, but they are still required for other retirement accounts. Roth accounts are exempt from RMDs. It is advisable to consult a tax professional to navigate the complexities of tax law and avoid costly missteps.