Whether you need the money to live on or not, it's a fact that once you reach age 72, you're generally required to take a certain amount of money each year out of your tax-deferred retirement accounts. These are your Required Minimum Distributions, or RMDs.
The penalty for missing an RMD is severe: 50 percent of the amount you missed! That's not fun, and it certainly is costly. So what happens if you accidentally miss the RMD for a given year? Are you simply out of luck?
Maybe not. Learn more about what remedies you may have available to you with podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!
