As you approach your early 70s, you must start withdrawing from certain retirement accounts like traditional IRAs and 401(k)s, and automating these required minimum distributions (RMDs) can offer benefits such as reducing errors and simplifying financial management. However, automating RMDs may not be suitable for everyone, particularly in specific circumstances.
Explain It To Me Like I’m 5: When you get older and have special money accounts, you need to take some money out each year, and setting it up to happen automatically can be easier, but it’s not the best choice for everyone.
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