Turned 70 1/2 in 2016? Take note.
Congratulations! If you were able to put off collecting Social Security until now you've maximized your benefit. Not only does waiting longer not generate a better payout you're now required, in most cases, to begin withdrawing from your retirement accounts.
If you turned 70 1/2 in 2016 you have until April 1, 2017 to take your required minimum distribution (RMD) for 2016. Thereafter you'll have to take your RMD by December 31. Note that for your 2017 RMD you'll have to take your distribution by 12/31/17. Why two distributions this year? Because the first was for 2016 -- you get a break your first year.