While Social Security remains a large part of the majority of Americans' retirement incomes, most also rely heavily on personal savings. Tools like traditional IRAs and employer-sponsored plans like 401(k)s are powerful tools to help people build their nest eggs over a lifetime,

The IRS reminded account holders, and their beneficiaries, with employer-sponsored retirement plans and IRAs, of the upcoming Dec. 31 deadline — or face penalties.

If you inherit an IRA from a parent, the 10-year rule applies to you. Beginning in 2025, many IRA beneficiaries will be required to take annual withdrawals or incur a penalty. This rule generally applies to non-spousal beneficiaries if the original account owner had already reached the RMD age before death.

But you can't defer those taxes forever. Eventually, the government wants its tax revenue. That's why it imposes required minimum distributions, or RMDs, on accounts like the 401 (k) and IRA. Seniors must start withdrawing funds from their accounts beginning the year they turn 73, and those inheriting IRAs may be subject to RMDs as well.

If you are 73-years-old or older and haven’t taken a Required Minimum Distribution from your tax-deferred retirement account, the IRS says most people need