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Ah, the good old days! Remember when workers could depend on

If you are age 701/2 or over and own either a traditional IRA, 401(k) plan or other employment-based savings plan, you are usually required to withdraw a certain amount of money each year. These withdrawals are minimum required distributions (MRD), or what can also be referred to as required minimum distributions (RMD). For consistency purposes, I will refer to them as minimum required distribution (MRD). MRD is usually taxable income, so if you made after-tax contributions to these accounts, part of your minimum required distribution may be nontaxable.

For many people, their New Year’s Eve tradition is watching the ball drop in Times Square and making New Year’s resolutions. There is an interesting relationship between the ball and most new year’s resolutions – they both drop quickly!

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