Saving money in a retirement account like an IRA or 401(k) is a great way to boost your savings. The tax deduction you receive upfront can help you save more today and build a big nest egg quickly.

But eventually, the government wants its tax revenue. That's why it imposes required minimum distributions (RMDs) on traditional retirement accounts. Seniors must start withdrawing funds from their IRAs, 401(k)s, and other qualified accounts by April the year after they turn 73. Failing to do so comes with some stiff penalties, up to 25% of the amount you were supposed to withdraw.

But there are some ways to reduce your required minimum distribution. And with some clever planning, you could significantly minimize the impact of RMDs on your taxes. Here are three ways to get ahead of RMDs in 2024.

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Source Fool.com