Are you taking an RMD? 10 smart things you can use it for right now.

Most people only need one option for the money the government requires those 73 or older to withdraw each year as required minimum distributions (RMDs) from qualified retirement accounts: Spend it. 

Given that the average retirement balance of those aged 65 and over is $235,000, according to Vanguard’s How America Saves 2023 report, there’s not that much cash involved. So most people just spend the RMD, which is based on a formula that takes into account your age and account balance. It ends up serving as replacement income…