You may have spent years saving for retirement—but have you thought of the best way to use the money you saved? Income taxes are often overlooked, but can be a major retirement expense—even the biggest expense for many retirees who have large 401(k) or IRA account balances or pensions. The good news is that you can slash income taxes owed by creating a withdrawal strategy for your IRA, 401(k), and other accounts that maximizes the use of low tax brackets.

Topics include:

—Conventional wisdom—waiting to use “tax deferred” 401k and IRA accounts until Required Minimum Distributions begin–can lead to paying more taxes than you need to.

—You can implement an alternative “Don’t Wait to Withdraw” strategy to save thousands of dollars in income taxes without new investments, purchases, or fees.

—Use an online Tax Saver tool to pick your winning withdrawal strategy and estimate how much you could save over the course of your retirement years.

—There’s no time to lose—you can and should implement a withdrawal strategy now, before 2026 when the current tax cuts expire.

If you are in your 50s or 60s, either retired or nearing retirement, and have at least a few hundred thousand dollars in tax-deferred and other accounts, you are in the “sweet spot” for getting the maximum benefit from the strategy described in the book. Roth conversions are also addressed. Social Security—which, surprisingly, may be subject to income taxes not only federally but in many states—is also considered. This book shows you a better way to withdraw that maximizes your retirement finances and increases financial peace of mind.

Updated to reflect the impact of the SECURE 2.0 Act and use recent 2023 tax rates.