Retirees who are age 70-1/2 or above are required by the IRS to take a minimum distrubtion annually. This calculator helps people figure out their required minimum distribution (RMD) to help them in their retirement planning.
While active investments in the market typically offer superior returns to ordinary savings accounts, some retirees or people close to retirement age like to keep a significant portion of their capital liquid for diversification purposes, to meet short-term funding needs, minimize the risk of large drawdowns near retirement & to take advantage of price mismatches driven by temporary liquidity issues.
Is your bank offering competitive rates which beat inflation and taxes? If not, you may be able to earn a better rate & make your money work harder by shopping around.
The following table lists currently available rates for savings accounts, money market accounts and CDs.
Rates are still low.