“It’s not Santa you need to worry about watching your list — it’s the IRS.”

Every December, as people rush to finish their holiday shopping and make travel plans, there’s another deadline quietly ticking down in the background — one that could cost retirees thousands if ignored. We’re talking about Required Minimum Distributions.

For anyone who owns a traditional Individual Retirement Account, Simplified Employee Pension Individual Retirement Account, Savings Incentive Match Plan for Employees Individual Retirement Account or most types of employer retirement plans like 401(k) plans, the Internal Revenue Service requires you to start withdrawing a minimum amount each year once you reach a certain age. And if you miss the deadline — Dec. 31 — you could face a hefty tax penalty.

But this

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