In general, tax-deferred accounts such as traditional IRAs and 401(k) plans allow workers to reduce their taxable income by deferring taxes on qualified contributions. But the government will not let you defer tax payments forever. Most individuals with tax-deferred retirement accounts must take required minimum distributions (RMDs) at a certain age, meaning they must withdraw a percentage of their account balance annually. Any contributions and investment gains are subject to income tax when the funds are withdrawn. Read on to learn more about RMDs, including when they begin and how to calculate the withdrawal amount for an account with a balance of $500,000.
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