21 Ways to Reduce Your Retirement Expenses

Tweet Share on Facebook

3 of 21 Back Next

Take required minimum distributions.

ISTOCKPHOTO

Those age 70½ or older must take withdrawals from retirement accounts each year. The penalty for failing to take out the correct amount is steep: a 50 percent tax penalty and income tax on the amount that should have been withdrawn.

advertisement

Latest Video

advertisement

How to Live to 100

Why do some people live long, healthy, and happy lives, while others struggle with dementia, heart disease, and depression? Learn how to protect yourself from those outcomes based on the latest research on health, longevity, happiness, and finances in the U.S. News ebook.