Required minimum distribution advice for seniors and their children

DETROIT – Next year, 2019, is right around the corner, and Local 4 business editor and certified financial planner Rod Meloni has crucial tips for seniors and their children.

Required minimum distributions, or RMDs, sound complicated and dangerous, and Meloni said they can be.

Retirement plans are tax-deferred. With individual retirement accounts, the account holder is required to take at least a minimum amount out of the account starting April 1 after they turn 70 1/2. 

Watch the video above for Meloni's full story.