While more boomers are working beyond their 65th birthday and many will live to 85 or beyond, not all will spend their final years in good health. Picture Dave, 66, and his wife Susan, 62 — diligent savers who have six months of emergency savings in a high-yield account along with an impressive $2-million nest egg in 401(k)s, which they hoped to draw down at a comfortable 4% annually, or $6,700 a month in their golden years. Must Read They’ve planned for everything … except Susan’s recent MS diagnosis. ...

Core Points - The IRS mandates required minimum distributions (RMDs) from retirement accounts starting at age 73, which can lead to tax liabilities for retirees [1][2][3] Group 1: RMD Calculation and Implications - RMDs are calculated based on the account balance at the end of the previous year and the IRS life expectancy tables, designed to deplete account assets by the estimated end of life [3] - For example, a 73-year-old with a $500,000 IRA balance would have an RMD of $18,868 for the year, which is added to ordinary income and taxed accordingly [3] Group 2: Strategies to Manage RMDs - Retirees can minimize RMDs by drawing down tax-deferred assets early, postponing pension or Social Security payments to maximize benefits [5] - RMDs can be paid from any one IRA account, while 401(k) RMDs must be calculated and paid from each account, prompting consolidation into a rollover IRA [6] - Individuals must manage RMDs separately for their own accounts, and financial advisors can assist in structuring retirement income effectively [7] Group 3: Charitable Contributions - Retirees not needing RMD cash for living expenses can donate to qualified charities through a Qualified Charitable Distribution, which allows the donation to be tax-free [8] - It is important to ensure the charity is IRS-qualified to avoid tax liabilities, and cash cannot be withdrawn and then donated to receive the tax benefit [8]

Here is when to expect Social Security payments in September. https://t.co/Hju46Eoy5P ...

Social Security Benefits - Social Security beneficiaries will receive their payments on different days each month [1] - The payments schedule for August 2025 is available online [1]