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You saved smartly for retirement—contributing to a traditional 401(k)s or IRA to give your savings the chance to grow tax deferred until you retired. Now the time to take that money out is here. Every year, once you are age 70½ or older, you generally need to withdraw a certain amount of money from your traditional IRA, 401(k), or other workplace savings account. It is important to determine how these minimum required distributions—known as MRDs or RMDs—fit into your retirement income plan.
