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Kiplinger

Business

Maurie Backman

I Have to Take a $22,000 RMD by the End of the Year and I Don't Need the Money. What Should I Do With It?

Senior man with hands in pockets standing in front of glass wall.

Question: I have to take a $22,000 RMD by the end of the year, and I don't need the money. What should I do with it?

Answer: The nice thing about saving for retirement in a traditional IRA or 401(k) is getting to enjoy an immediate tax break on your contributions. And if you found yourself in a higher tax bracket during your career, a traditional retirement account probably made more sense for you than a Roth.

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