If you are the owner of an IRA account or a beneficiary, you need to understand the rules governing when to take required minimum distributions (RMDs). Regulations have changed regarding penalties for missed RMDs. Although the penalties starting in 2023 have been reduced, the amounts can still be very significant.
Helping others is great, and helping yourself is always good as well, so why not do both at the same time? Integrate these five strategies into your financial plan, and you can.