Required minimum distributions (RMDs) can be an important part of your retirement-income plan, but it's important to know that they come with some strict rules about the timing of when distributions are taken and a formula based on your age for the amount you have to take. Generally, if you are age 73, you've reached the age where the IRS mandates you start taking withdrawals from most qualified retirement accounts

Everyone's RMD situation will be different, but you must take your full required amount or you could face IRS penalties.

Planning ahead for what you want to do with the money may help reduce taxes and increase options for re-investing.

You have several options for how to use your withdrawals, depending on your financial needs and situation.