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If you have a traditional IRA or 401(k), required minimum distributions or RMDs are a fact of life.

They kick in when you turn 73, requiring you to withdraw a certain amount of money from your account each year.

After all, the Internal Revenue Service wants to get paid for all that tax-deferred income you benefited from during your working years, and RMDs are how they do it.

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While the IRS is a fan of RMDs, many retirees are not. RMDs are treated as ordinary income and may push you into a higher income bracket.…