How to spend your retirement savings without triggering a tax penalty

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How to spend your retirement savings without triggering a tax penalty
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How to avoid a big tax penalty on your retirement savings

Your first mandatory withdrawal typically must be taken by April 1 after the year you've turned 70½. Following that, you'll need to take them by Dec. 31 of each year.

Figuring out how much you owe can be complicated. You divide your account balance at the end of last year by a distribution period based on your age, O'Shea said.

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