After decades of building your nest egg, you will eventually have to start taking required minimum distributions, or RMDs, from pretax retirement accounts. The first RMD can be tricky, according to financial experts.
In 2022, the IRS proposed mandatory yearly withdrawals for heirs if the original account owner had already started their required minimum distributions, or RMDs. But the agency has since waived penalties for heirs’ missed RMDs amid confusion.
This is the time of year when most companies hold their open enrollment periods, during which employees decide on their benefits for the next 12 months.
The Old-Age and Survivors Insurance trust fund is scheduled to run out of money in 2033. At that time, retirees would still get a check but it would be about 77% of promised benefits.
When it comes to retirement savings, the gap between the haves and the have-nots has widened, according to a new report from the Government Accountability Office.
