Take required minimum distributions if you have to
Those who have traditional IRAs or 401(k)s have to start taking mandatory withdrawals from those accounts once they turn 70 1/2 years old. The calculation of exactly how much you’re required to take is a bit complicated, but the cost of failing to comply is severe: a 50% IRS penalty on the amount you should have taken. Most people have until Dec. 31 to take their required minimum distribution, but there’s no need to wait that long if you’d prefer to have it sooner.
