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2. EASE THE PAIN OF RMDS Obviously, the longer you tap your retirement savings, the greater the odds of them running out. Nevertheless, you can’t leave that money untouched forever. At some

point, you’ll have to take required minimum distributions (RMDs), a federally set minimum amount you must annually withdraw from a tax-deferred retirement plan such as a traditional IRA or

401(k). (Roth IRAs and 401(k)s don't require distributions while the owner is alive.) You can wait until the year in which you reach age 73 before you start taking RMDs. For your

first RMD, you can delay it until April 1 of the following year, but after that you’ll have to take your RMD by the end of each calendar year. If you're an IRA owner and don't need

the money from the RMD to get by, you might consider making a qualified charitable distribution (QCD). If you’re at least 70½ years old, you can donate up to $108,000 in 2025 (up from

$105,000 in 2024) directly from your IRA to a qualified charity and you won't owe income tax on the distribution. Plus, if you’re 73 or older, the donation counts toward your RMD for

the year. You can also make a one-time QCD of up to $54,000 to a charitable remainder annuity trust, charitable remainder unitrust or charitable gift annuity in 2025 (up from $53,000 in

2024). 3. MAX OUT YOUR HSA WITH CATCH-UP CONTRIBUTIONS Another often overlooked opportunity lies in health savings accounts, says Brenna Baucum, founder of Collective Wealth Planning in

Salem, Oregon. Many employers offer HSAs as part of their benefits package (and might even put some money in the account), but you can open one on your own if it’s not offered at work. “For

those in their 50s, HSAs offer a unique advantage," she says. "By contributing to your HSA, you prepare for future health care expenses and enjoy a triple tax benefit —

tax-deductible contributions, tax-free growth and tax-free withdrawals for qualified medical expenses.” However, you can’t contribute to an HSA unless you have medical insurance under a

high-deductible health plan (HDHP). For 2025, you can contribute up to $4,300 if you have coverage under an HDHP for yourself (up from $4,150 in 2024), or up to $8,550 for family coverage

(up from $8,300 in 2024). If you’re at least 55 years old, you can contribute up to $1,000 more. However, your contribution limit will be reduced by any amount your employer contributed that

has been excluded from your income. Sandi Weaver, owner of Weaver Financial in Mission, Kansas, reminds her clients to make use of the catch-up contribution once they reach 55: “We get an

immediate tax deduction for that catch-up, plus for the basic HSA contribution itself.” Plus, the account is yours: If you open an HSA through your employer, you can take it with you to a

new job and use the funds in retirement.  4. ENJOY A LARGER STANDARD DEDUCTION AT 65 You can look forward to an additional tax benefit down the road. The standard deduction, which reduces

your taxable income and, in turn, lowers your tax bill, is larger once you reach 65. For 2024 taxes — the ones your must pay by April 15, 2025 — the basic standard deduction is $14,600 for a

single taxpayer (or a married person filing separately from their spouse), or $29,200 for a married couple filing jointly.  But if you are 65 or older, you get an extra deduction —

$1,950 if you're single (other than a surving spouse) or $1,550 if you're married (so, $3,100 total if both you and your mate are 65-plus). The extra deductions are doubled for

taxpayers who are both 65-plus and blind. For the 2025 tax year, which you will file a return for in 2026, the basic standard deduction will be $30,000 for joint filers and $15,000 for

single taxpayers and married people filing separately. The extra amount for people 65 or older jumps to $2,000 for single taxpayers and $3,200 for married people.