By Sandra Block
From Kiplinger’s Personal Finance
When confronted with a task that’s necessary but joyless, it’s human nature to put it off until the last minute. And for some retirees, taking withdrawals from their retirement savings accounts is another chore that falls to the bottom of their to-do list.
Investments in traditional Individual Retirement Accounts (IRAs) and 401(k) plans grow tax-deferred, but you must pay taxes when you take the money out.
If you’re reluctant to withdraw money from retirement savings, you may be gratified to learn that you have more time to procrastinate. SECURE (Setting Every Community Up for Retirement Enhancement) Act 2.0, which was signed into law late last year, increased the starting age for taking required minimum distributions (RMDs) from traditional IRAs, 401(k)s and other tax-deferred plans to 73, from 72. In 2033, the starting age for RMDs will increase to 75….