Many people regret saving for retirement in traditional IRAs or 401(k)s when they face required minimum distributions (RMDs) in their senior years. RMDs only apply to traditional retirement plans, not Roth IRAs or 401(k)s. These forced withdrawals can lower your balance, increase your tax bill, and raise Medicare premiums. However, instead of viewing RMDs negatively, consider embracing them as opportunities to enhance your retirement. Planning for the tax impact of RMDs can help you enjoy the money they provide, allowing you to splurge on vacations or make your life easier with home maintenance services. Additionally, maximizing Social Security benefits could boost your retirement income significantly, ensuring a more confident retirement.

Read more at Yahoo Finance: Don’t Hate Your RMDs if You’re Stuck Taking Them