Core Insights - Smart tax planning is crucial for retirees, especially on a fixed income, as poor tax decisions can have long-lasting financial impacts [1] Group 1: Roth Conversions - Converting traditional IRAs and 401(k)s to Roth IRAs is recommended before required minimum distributions (RMDs) start at age 73 [2] - There is a strategic window from retirement until approximately age 70-73 to move funds into a Roth IRA, as retirees may be in a lower tax bracket during this period [3] - Roth conversions can also help lower Medicare premium surcharges by keeping later-life income lower [3] Group 2: Qualified Charitable Donations - Retirees often miss out on tax benefits from qualified charitable distributions (QCDs) after age 70 1/2, which allow direct donations from pre-tax IRAs to charities without increasing taxable income [4][5] Group 3: Tax-Efficient Investments - Evaluating the tax efficiency of investments is often overlooked by retirees, with a recommendation to invest more in exchange-traded funds (ETFs) due to their generally higher tax efficiency compared to traditional mutual funds [5][6] - Incorporating ETFs selectively, especially in conjunction with charitable and family-giving strategies, can yield significant long-term tax benefits [6]