Retired in America

Your Guide to a Confident Retirement

  • Home
  • Personal finance
  • Retirement Life
  • Saving & Spending

10 Tax Falsehoods Many Retirees Still Believe

June 10, 2020 · Saving & Spending

When should I start taking required minimum distributions?

If you have a 401(k) and a traditional IRA then you’re probably aware of required minimum distributions, also known as RDMs. Thanks to the SECURE act, you can hold off withdrawing money from these accounts until you’re 72. Before, seniors were obliged to do so at 70½.

This is particularly good for those who don’t want to tap into these accounts too early, especially seniors who are still able to work and chose to do so, even well past the usual retirement age.

At first, you’ll need to withdraw 3.65%, but the percentage will go up on a yearly basis. As such, at 80 you’ll withdraw 5.35% and at 90, it’ll be 8.77%. If you’re ever unsure about percentages you can look for an RDM calculator online.

Pages: 1 2 3 4 5 6 7 8 9 10 11

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A senior man sitting at a wooden table examines an investment portfolio document next to a notebook and coffee mug. 4 Boring Moves To Do Now to Add Hundreds to Your Social Security Check
  • A senior woman sits at a wooden table holding a mug and gazing out a bay window beside a newspaper and open notebook. 9 Things Single or Widowed Retirees Should Know
  • Senior couple sitting at a wooden kitchen table reviewing paperwork and financial notes with a calculator and coffee. 10 Financial Traps That Catch Retirees Off Guard
  • A smiling senior woman reaches into a wooden pull-out drawer filled with labeled food jars in a sunlit kitchen. 15 Simple Fixes for Everyday Senior Life
  • Older man in a green jacket reading a pamphlet beside a wooden arrow sign pointing toward voter information. The Issues Voters Say Matter Most Heading Into November
  • A settlement statement paper on a desk alongside file boxes labeled closing documents, property taxes, and renovations. Here's How Long You Should Keep Tax Records If You Own a Home
  • A senior woman sits at a wooden dining table reviewing a monthly checking statement alongside a notebook and coffee mug. 5 States With Extra Payments on Top of Federal Benefits
  • Older couple walking down a sunny small-town sidewalk past brick storefronts, a hardware store, and a bakery. The 10 Best Small Towns for Retirees to Stretch a Social Security Check
  • An older man in a denim jacket organizes hardware behind a store counter beside a shift schedule notebook. What Happens to Your Social Security If You Work Part-Time After 65
  • A stressed older couple sits on the floor of an empty living room surrounded by unpacked cardboard moving boxes. 5 States Retirees Regret Moving to, Based on Cost and Lifestyle

Newsletter

Get retirement planning tips, savings strategies, and lifestyle insights delivered to your inbox.

Related Articles

16 Ways to Get Back on Track After Devastating Financial Mistakes

Make a Debt Payoff Plan One of the scariest parts of this whole plan is…

Read More →
A smiling retired couple enjoying a peaceful morning on their sunny outdoor deck.

11 Expenses You No Longer Need in Retirement

Discover the 11 major expenses that disappear in retirement, from commuting and payroll taxes to…

Read More →

Things You Should Do to Save Money

Get a Hobby Time is precious so why not fill it with things you really…

Read More →
A smiling senior woman buys fresh vegetables from a vendor at a bustling outdoor farmers market.

Farmers Market Vouchers for Low-Income Seniors

Discover how low-income seniors can get free farmers market vouchers to buy fresh, local produce…

Read More →

10 Things to Know Before Spending Big

If I use credit, how many months with interest will it take to pay it…

Read More →
A happy retiree enjoying a quiet afternoon on her porch with a book and tea.

9 Retirement Purchases That Feel Worth It—And 7 That Don’t

Discover the smart retirement purchases that bring lasting joy and health, plus the common spending…

Read More →
An active senior couple happily taps a transit card to board a modern city light rail train during warm afternoon light.

Why Some Retirees Are Eligible for Free or Reduced Public Transit Passes – See If You Qualify

Learn how retirees can drastically lower their transportation expenses by qualifying for free or reduced-fare…

Read More →

12 Huge Financial Mistakes Most Seniors Make Before Retirement

You Think of Finances as Simply Inflow and Outflow Because of the way our wages…

Read More →

17 Things to Do for a Healthy Retirement

A Bigger Home Than You Really Need Most Americans dream of living in a lovely…

Read More →
Retired in America

Your Guide to a Confident Retirement

Inedit Agency S.R.L.
Bucharest, Romania

contact@retiredinamerica.com

Trust & Legal

About Us

Editorial Policy

Advertiser Disclosure

Frequently Asked Questions

Contact Us

Disclaimer

Terms and Conditions

Privacy Policy

Subscribe

Unsubscribe

Categories

  • Personal finance
  • Retirement Life
  • Saving & Spending

© 2026 Retired in America. All rights reserved.