required minimum distributions

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again. The basics Once you attain age 72 (or age 70½ before 2020), you must begin taking RMDs from your traditional IRAs and certain