Time is running short for a money-saving move for senior citizens aged 70 1/2 or older. Seniors who have not yet taken their annual required minimum distribution from their IRA’s must do so by this Thursday. If the deadline is missed, tax penalties could be as much as 50% of the amount that should have been withdrawn. The required minimum distribution rule was established to make sure that IRA and 401K account owners pay their fair share of taxes on retirement savings during their lifetime, rather than holding onto the money, delaying taxation indefinitely, and leaving it to their heirs.