Take your required 2014 distribution

If you’re over 70½ and are required to take distributions from your IRA or other retirement account, remember that you must take your 2014 RMD (required minimum distribution) by December 31 or face a penalty of 50% of the amount not taken. If the 2014 distribution is your first RMD, you have the option of waiting until April 1, 2015, to begin your withdrawals.