IRS Warns Seniors About RMDs and other accounts. Don’t give away money unnecessarily.
If you're a senior age 72 or 73 with qualified plans (401ks, IRAs, etc.) you are required to take RMDs (Required minimum distributions) or you could face significant IRS penalties. Get with your financial advisor or CPA before December 31st and take care of this. Economic Ninja explains: https://www.youtube.com/watch?v=zSI2nDlZZdE