Many people don’t realize that once they turn 70½, they have to take required minimum distributions (RMD) from their tax-deferred retirement accounts each year. This is part of the IRS tax code, so there’s no getting around it. For some, these RMDs push them into a higher tax bracket,
Richard Adams is a graduate of Benedictine College in Atchison, Kansas, with dual majors in Accounting and Business Administration. He is also a graduate of Wentworth Military Academy in Lexington, Missouri.