Living longer brings a lot to look forward to. More time with loved ones, new experiences, and the chance to enjoy the fruits of your life's hard work are just the tip of the iceberg. With increased longevity, though, comes a new set of challenges, especially when it comes to managing money and protecting yourself from financial threats. If you're in your 60s, 70s, or beyond, or you're helping someone who is, it's never too early to plan ahead. A few smart steps now can help protect seniors’ financial health well into the future.
Required Minimum Distributions (RMDs) can be a surprise for many retirees, increasing their taxable income once withdrawals begin. Since these distributions are taxed at your ordinary income rate, they can push you into a higher tax bracket, reducing the amount of retirement savings you keep. Fortunately, there are ways to lower the tax impact while staying compliant with IRS regulations. Let’s walk through how RMDs work, why they matter, and the strategies you can use to keep more of your savings.
Like any other aspect of your life, your financial priorities will naturally evolve over time. Your age, lifestyle, and goals will shape those priorities. Understanding how to manage your income, savings, and expenses at each new stage of life can help you make informed decisions while staying on track for long-term success. Whether you're starting your first job or approaching major milestones like marriage or retirement, thoughtful financial planning can ensure you're prepared for any surprises life throws your way.