If you’re still working and own less than 5% of the company, you can delay taking required minimum distributions (RMDs) from your workplace retirement plan. Qualified charitable distributions (QCDs) can fulfill your RMD requirement without extra taxes. Consider doing a Roth IRA conversion to reduce future RMDs. Remember, RMDs are mandatory annual withdrawals based on your age and account balance. Failure to take RMDs on time incurs a 25% penalty. Explore strategies to avoid RMDs, such as continuing to work, QCDs, or Roth IRA conversions. Act before the deadline to avoid penalties and utilize retirement savings wisely.

Read more at Nasdaq: 3 Legal Ways to Avoid Your Required Minimum Distributions (RMDs)