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Retirement tax questions
The idea behind an RMD (required minimum distribution) is that you must spend your retirement money and you can't just leave it to your kids tax-free. The RMD is based on your life expectancy. Because traditional pensions are already based on life expectancy, pension payments already satisfy the rules for withdrawing a minimum amount per year based on life expectancy. If you have a traditional pension, answer "yes, this is an RMD".
If you have an IRA or other qualified retirement account in addition to a traditional pension, you must still take an RMD from the qualified account.
‎February 17, 2023
8:19 AM