By Lisa Gerstner
From Kiplinger’s Personal Finance
Many workers aren’t ready to retire at the traditional retirement age of 65 and instead continue working into their 70s.
While they can postpone retirement, they can’t entirely delay taking Required Minimum Distributions (RMDs) from tax-deferred retirement accounts.
If you’re working into your 70s, here’s what you need to know about RMDs:
By April 1 of the year after you turn 72, you generally must start taking RMDs from tax-deferred retirement accounts, including traditional Individual Retirement Account (IRA) and 401(k)s. If you’re working at age 72, however, you can delay RMDs from a 401(k) with your current employer to April 1 following the year you retire (but you must take RMDs from 401(k)s you have with former employers on the standard schedule). An exception: You can’t postpone 401(k) RMDs if you have an ownership stake of more than 5 percent in the company….