The one exception is for IRA owners who turned age 73 in 2024. These individuals may delay their first RMD until April 1, 2025. However, if they delay the first RMD, they will also need to take a second RMD by December 31, 2025.

RMDs are generally required for most qualified retirement plans. They apply to three types of IRAs: Individual Retirement Arrangements, Simplified Employee Pension (SEP) IRAs and Savings Match Plans for Employees (SIMPLE) IRAs.

The RMDs also apply to traditional 401(k), 403(b) and 457(b) plans. An exception to the RMD withdrawal requirement is a Roth IRA, Roth 401(k) or Roth 403(b) – there are no 2024 distribution requirements for these plans if the original owner is living.

Most taxpayers take the RMD based upon the Uniform Lifetime Table in IRS Publication 590-B. This table assumes there is a beneficiary 10 years younger than the IRA owner and calculates a distribution amount based on both ages. If the IRA owner has a spouse more than 10 years younger, a special calculation is applicable.

Owners of multiple IRAs must calculate the RMD for each plan. However, the owner can elect to withdraw the total RMD amount from any IRA plan.

Some employees over age 73 who are still working and are not major owners of a business may be able to defer RMDs until after retirement. You should consult your tax advisor if this exception applies to you.

Many online calculators are available to determine your RMD. Most large financial companies offer an online determination of the correct amount. RMDs start at approximately 3.7% of the December 31 IRA balance. They increase each year after age 73. There are also online worksheets on IRS.gov that may be helpful.

The IRS released new IRA distribution tables for 2022 and subsequent years. The new tables reflect longer life expectancies and RMDs are somewhat reduced.

Editor’s Note: An excellent way to fulfill an RMD is to give part or all of the IRA payment to a qualified charity. Qualified charitable distributions (QCDs) for individuals over age 70½ may fulfill part or all of your RMD. The QCD is a transfer directly from the IRA custodian to a qualified charity. For 2024, you can transfer up to $105,000, which is the maximum annual limit and is indexed for inflation. It is important to act quickly if you plan to do a QCD this year. Your QCD must be completed by December 31, 2024.

It is a good idea to compare your Medicare coverage options this fall. Many Medicare beneficiaries with Part D coverage can lower their prescription drug costs by shopping among plans each year during the open enrollment season, which runs from October 15 through December 7.

With some research, you could find another Part D plan in your area that covers the drugs you take with fewer restrictions or with lower costs. While you are shopping, keep in mind that the Inflation Reduction Act will cap annual out-of-pocket costs at $2,000 for all Medicare Part D beneficiaries.

Here are some tips and tools to help you shop and compare Part D plans.

Plan Finder Tool

You can easily shop for and compare all Medicare drug plans in your area and enroll in a new plan online. This is a very convenient option and takes only a few minutes.

To get started online, go to Medicare’s Plan Finder Tool at Medicare.gov/plan-compare. You can do a general search on the right side of the page, under the title “Continue without logging in.” If you wish to save your drugs and pharmacy information, you can log into or create a Medicare account on the left side of the page.

To begin finding plans on Medicare’s Plan Finder, type in your ZIP code and choose the type of coverage you are looking for. You will also be asked to enter information on the drugs you take, the pharmacies you use and whether you are interested in a mail order option.

The Plan Finder will display results for plans in your area. Be aware that a plan may not cover all the drugs you take, but it may cover alternatives. It will also tell you if the plan has a deductible and the amount of the monthly premium. 

Initially, the plans will be sorted by “lowest drug and premium cost” for the year. This is the closest estimate to what you may pay out of pocket for your Part D coverage for the year. You can select “plan details” to find out more specifics about coverage, including any coverage restrictions that might apply to your drugs. Before enrolling, it is a good idea to call the plan directly to confirm any information you read on Plan Finder since information found online may not be current.

If you need help, contact Medicare at 800-633-4227 and representatives will assist you with finding your plan options over the phone. You may also contact your State Health Insurance Assistance Program (SHIP), which provides free and unbiased Medicare counseling. To find a local SHIP counselor call 877-839-2675 or see ShipHelp.org.

Any changes you make to your coverage will take effect January 1, 2025. If you take no action during open enrollment, your current coverage will continue next year.

Extra Help

If you are low income or need assistance paying for your medication, you may be eligible for Medicare’s Extra Help program. The program is a federal low-income subsidy that helps pay Part D premiums, deductibles and copayments.

To be eligible for Extra Help, your annual income must be under $22,590 or $30,660 for married couples, and your assets (not counting your home, personal possessions, vehicles, life insurance policies or burial expenses) must be below $17,220 or $34,360 for married couples. For more information or to apply, call Social Security at 800-772-1213 or visit SSA.gov/Medicare/part-d-extra-help.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Obstructive sleep apnea (OSA) is a sleep disorder that occurs when a blockage of the airway prevents you from breathing during sleep. OSA blockages can be caused by your tongue or relaxed throat muscles. If left untreated, OSA is linked to daytime sleepiness and an increased risk of anxiety, diabetes, hypertension and stroke.

The primary treatment for people with moderate or severe OSA is a continuous positive airway pressure (CPAP) machine. This device keeps your airway open by pumping air through a mask that is worn over the mouth and/or nose when sleeping. Losing weight, giving up smoking and limiting alcohol can all help ease the symptoms of obstructive sleep apnea such as snoring.

However, many individuals have difficulty tolerating CPAP machines and will not use one because they are noisy and uncomfortable. Fortunately, newer CPAP machines have become smaller and quieter, with more comfortable options available. For some people with mild to moderate OSA, less invasive alternatives to CPAPs may be worth considering. Here are several treatments to ask your doctor about.

Dental device: This is designed to move the jaw so that the tongue shifts toward the front of the mouth to help keep the airway open. It is one of the primary alternatives to CPAP machines and can also be used alongside a CPAP device to help make severe obstructive sleep apnea milder.

A dentist who specializes in sleep medicine will be able to customize and fit it to help your breathing without causing harm to your bite or teeth. These custom-made oral appliances can cost between $2,000 and $4,000 but may be covered by insurance.

There are more affordable options available online to treat snoring, but experts say these may not help with OSA and could move teeth out of place or cause jaw issues if they are not properly fitted.

Position therapy: For some, sleeping on the back can make OSA dramatically worse. In these cases, switching to side sleeping – perhaps using pillows or a tennis ball attached to the back of a shirt – can sometimes help.

Tongue trainer: In 2021, the Food and Drug Administration approved a tongue-stimulating device for mild sleep apnea. These devices are worn for 20 minutes a day for six weeks and then 20 minutes twice a week thereafter.

Surgery: Those who cannot tolerate CPAP machines could have upper airway surgery to reduce the size of their soft palate or other tissue in their throat. However, surgery could have serious potential complications and results cannot be guaranteed or reversed. Generally, surgery should not be a first-line treatment.

A newer option is a surgically implanted device referred to as an upper airway stimulator. The implant stimulates a nerve that moves your tongue to keep your airway open and can be removed if it is not tolerated. This option should also be tried only if someone is unable to use a CPAP device.

Drug therapy: A study recently published in the New England Journal of Medicine, found that tirzepatide – the main ingredient found in type 2 diabetes medication Mounjaro and weight loss treatment Zepbound – helps reduce symptom severity by almost two-thirds in adults with obesity and obstructive sleep apnea. Ask your doctor about this option.

For more information on diabetes and prediabetes or to find help, join a lifestyle change program recognized by the CDC (CDC.gov/diabetes-prevention). These programs offer in-person and online classes in more than 2,100 locations throughout the U.S.

1. IRA Charitable Rollover — The IRS refers to the IRA charitable rollover as a qualified charitable distribution (QCD). An individual over age 70½ is permitted to make a transfer directly from his or her IRA custodian to a qualified charity. The transfer is not included in taxable income. If the IRA owner is over age 73, the distribution may fulfill part or all of the IRA owner’s required minimum distribution (RMD).

Because many individuals have invested their IRAs in stocks, bonds or other securities, it may be necessary to exchange the IRA stock or bond accounts for a money market fund prior to the distribution. Most custodians require a QCD to be paid from a money market account or similar fund.

There are some limits for the IRA charitable rollover. The IRA owner must be at least age 70½ and the maximum transfer for 2024 is $105,000. The transfer must be to a qualified exempt charity and may be for a designated purpose or field of interest fund. However, it may not be to a donor advised fund (DAF) or supporting organization (SO). In addition, the donor may not receive a charity dinner or other event ticket that involves a partial benefit to the donor. The entire QCD must be for a qualified charitable purpose.

2. Gifts of Cash — Individuals who itemize deductions may deduct 2024 gifts of cash up to 60% of their contribution base, which is usually your adjusted gross income (AGI). A couple with $100,000 in income may give and deduct up to $60,000 this year. While the 60% of AGI limit is substantial, some generous individuals give more than this and may carry forward and deduct the excess gift amounts during the next five years.

3. Gifts of Land — With substantial increases in value for real property, many donors will find that a gift of appreciated property is attractive. A gift of appreciated land provides two benefits for the donor. First, the donor may receive a charitable deduction for the fair market value of the land. Second, the charity is tax-exempt and therefore the donor is able to bypass tax on the capital gain. If the donor purchased development land ten years ago for $50,000 and it is now worth $250,000, the donor would pay capital gains tax on $200,000 if he or she sold the property. However, by giving the land to charity, the donor may receive a deduction for the $250,000 in value and bypass the tax on the $200,000 of potential gain. Because the donor is receiving both the deduction and capital gain bypass benefits, this type of charitable deduction is permitted for up to 30% of a donor’s adjusted gross income (AGI). If the gift value is more than this limit, it may be carried forward for five years. For example, Mary Smith has adjusted gross income of $100,000 this year and makes a gift of appreciated land with fair market value of $80,000. She can deduct $30,000 this year, carry forward $50,000 and deduct that amount over the following five years.

Editor’s Note: Many donors make their largest gifts in November or December. This is a good time to plan and consider options for end-of-year gifts.