Core Insights - The article discusses strategies for managing retirement income, particularly focusing on Social Security benefits and Required Minimum Distributions (RMDs) [3][4][8] Retirement Income Strategies - Delaying Social Security benefits until age 70 can maximize monthly payments, with a potential increase from $1,400 at age 62 to $2,480 at age 70 for a full retirement benefit of $2,000 [5] - Reducing the amount subject to RMDs can minimize taxes and potentially avoid taxes on Social Security benefits [3][8] RMD Management - Individuals must start taking RMDs from traditional retirement accounts at age 73, calculated based on age, life expectancy, and account balance [8] - Converting a portion of traditional IRAs to Roth IRAs annually can help reduce future RMDs and allow for tax-free growth, although there may be tax implications for certain withdrawals [4]

Core Insights - Retirement can be financially secure, but common mistakes may jeopardize boomers' savings [1][3] Group 1: Common Cash Flow Mistakes - Underestimating inflation and over-relying on Social Security can deplete savings faster than anticipated [3] - Not timing IRA tax withdrawals can lead to increased tax liabilities as retirees age [4][5] - Failing to develop a tax strategy before retirement can result in costly long-term consequences [6] Group 2: Tax Strategies - Retirees should consider withdrawing from IRAs in low tax years to minimize tax liabilities [4][5] - Delaying required minimum distributions (RMDs) can push retirees into higher tax brackets later [6] - Keeping taxable income too low early in retirement may prevent advantageous Roth IRA conversions [6]