There is good news and some other good news.

The good news is that you are not required to take the Required Minimum Distributions (RMDs) from your 401(k) at your current employer if you are still working there. This is an exception available to 401(k) plan participants over the age of 70 and 1/2 years of age. This is assuming that you are not a 5% or greater owner of the business.

The other good news is that you will still be able to contribute to your 401(k) after reaching age 70 and 1/2 years of age. This again requires that you continue working and continue to own less than 5% interest in the business ("interest in the business" usually translates into "company stock").

So, if you don't need to take out the money, then don't. If you don't need the extra money in your paycheck, then sock it away in your 401(k). Finally, if you hit the limit on contributing to your 401(k) and still have extra money that you do not need, consider putting the rest into a Roth IRA (you'll pay Tax upfront, but get the distributions Tax-free).

*Tax Disclaimer* The above material is not to be construed as a complete analysis of all Tax considerations. The opinion issued should not be used to avoid or evade Taxes, nor should it be relied upon to avoid any proper federal and/or other Tax-related penalties. Accordingly, this material is not intended or written to be used (and a Taxpayer cannot use it) for the purpose of promoting, marketing, and/or recommending to another party any Tax-related matters. Please be aware that Tax laws are subject to change at any time. Consult your trusted independent Tax advisor for the latest information/interpretations of Tax law.