Required minimum distributions are back. Last year due to the pandemic they were suspended, not anymore. Many of my clients are getting unpleasant surprises by the amount they have to withdraw. If you are age 72 or above, you have to withdraw a certain percentage of your Traditional or rollover IRA annually, those who still have funds in a 401(k) or 403(b) and are no longer working will have to take an RMD also.
So why the shock? Not having to withdraw last year along with most of the markets ending 2020 strong have left clients with higher 12/31/20 balances than they expected.
Please do not overlook your RMD, the penalty is large.

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