An Important Retirement Account Deadline Is Coming Up. Here's What To Know

If you turned 70 and a half in 2017, the time has come to start drawing down your retirement accounts -- or else Uncle Sam will claim a hefty penalty on your savings.

Sunday, April 1, is the deadline to begin receiving your required minimum distributions, or RMDs, from all traditional IRAs, SEP IRAs, SIMPLE IRAs, or workplace retirement plans.

This date only applies to those who hit the 70 and half milestone last year.