At age 73, retirees must begin withdrawing required minimum distributions (RMDs). If you turn 73 in 2024, your first RMD is due by April 1, 2025, based on your account balance on December 31, 2023. This timely action is crucial to prevent penalties.
If you fail to take your RMD as required, the IRS imposes a penalty of 25% of the amount you should have withdrawn. This penalty is significant and emphasizes the importance of adhering to RMD guidelines to avoid costly mistakes.
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