You have options if you don't need your RMD to cover living expenses.

You may not want to take any money out of your retirement accounts, but the government doesn't leave you a lot of choice in the matter once you turn 73. That's the age when you typically have to start taking required minimum distributions (RMDs) -- mandatory annual withdrawals from all tax-deferred retirement accounts, except for any associated with your current employer if you're still working.

Failing to take your RMDs results in a 25% penalty on the amount you should've withdrawn, and that's often worse than just taking the RMD and paying your taxes in the first place. Fortunately, there's a lot you can do with your RMD funds, including the six things listed below.

1. Cover your living expenses

The most obvious

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