Editor's note: Because of the coronavirus, there will be no RMDs required in 2020. The waiver is included in the CARES Act, enacted March 27, 2020.
En español | People have a love-hate relationship with taxes. OK, it's mostly hate. And one of the things people — in this case, mostly retirees — really hate is taking required minimum distributions (RMDs) from their retirement savings accounts.
Why the hate? “They don't want to be forced to take money out of their IRAs when they don't need it,” says IRA expert Ed Slott. “They think, ‘I earned this money, and I want to use it when I want to use it.'” Even worse, RMDs are treated as taxable income, which can move them into a higher tax bracket. “It makes them extra-double angry,” Slott says.

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The IRS feels differently. While making pretax contributions to a tax-deferred retirement account such as a traditional IRA or 401(k) is a great way to build a nest egg, you can't keep deferring taxes forever. And when you do finally start taking RMDs, Uncle Sam will finally start collecting federal income taxes on your withdrawals.
New rules delay RMDs until age 72
Under the old rules for RMDs, you had to take your first required minimum distribution by April 1 of the year after you turned 70½. That rule still holds for anyone who turned 70½ by the end of 2019. If you hit 70½ on June 30, 2019, for example, you're going to have to yank some cash out of your IRA by April 1, 2020, as required under the old rules.