For those in or near retirement, the age of 70½ is a key transition point: Retirees need to begin planning for required minimum distributions (RMDs) that are taken annually from employer-sponsored retirement plans and traditional IRAs.

The truth is there is ample motivation to make the most of retirement planning opportunities.

Detailed budgeting, frequent monitoring of income and expenses, and prompt action to address potential cash flow problems are essential elements of financial planning for retirees.