Have $1M Saved At 73? Here's How Much You Are Required To Withdraw In Retirement Each Year

Parting with your savings in retirement can be hard to do.

But if you are 73 and have a traditional IRA or 401(k) you have no choice, thanks to required minimum distributions, or RMDs.

With inflation rising — it reached 3.1% in March in the most recent consumer price index — gasoline prices increasing and stocks fluctuating, withdrawing from your retirement savings accounts can cause anxiety.

This is particularly true if you are among the retirees increasingly relying on tax-deferred accounts like 401(k)s and IRAs to get by, reports CBS News.

Withdraw too much and you may outlive your money.