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This Could Be Your Best Retirement Account if You Plan to Retire in Your Mid-50s

• What: The IRS allows individuals to delay taking Required Minimum Distributions (RMDs) from retirement accounts until age **72**.
• Why: This rule can help those planning to retire in their mid-50s save money by avoiding early RMDs.
• Signal: A **$100,000** retirement account balance could grow to **$1.5 million** by age **62**, assuming a **7%** annual return.
• Target: Consider contributing to a Roth IRA or a tax-deferred 401(k) to maximize tax benefits and delay RMDs.
• Risk: Failing to plan for RMDs could result in **20%** penalties on account balances exceeding **$500,000**.