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Tips to make required minimum distributions easy and tax penalty free | CNBC

People who are retired or inherited a retirement account are required to take minimum distributions by the end of the year. RMD is the minimum amount of money that people over the age of 70 have to pull from their retirement fund. Starting the paperwork now can help prevent a scramble at the end of December if there is an issue with the paperwork. Your assets and accounts have to be added up and should be double checked by a financial counselor in order to prevent any mistakes. Also, be sure to look into what you can and can’t take if you are over 70 but still working, and to keep an eye on inherited accounts to avoid a penalty fee.

Source: https://www.cnbc.com

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