What if I don’t need my required minimum distribution (RMD)?
You were likely encouraged to build up savings into various retirement accounts during your working years. When you contribute a portion of your wage income into a traditional pre-tax retirement plan, you are electing to defer the payment of taxes on that income. In other words, you will not pay any ordinary income taxes on your contribution now, but you will pay taxes on any distributions from the account later on in retirement. This is true of contributions to any pre-tax retirement plans such as: 401ks, traditional IRAs, SEP IRAs, SIMPLE IRAs, 403(b)s, 457(b) plans and profit-sharing plans.