3. Engineer your income. If you’re retired and haven’t yet reached age 70 1/2 (the year in which you’re required to start tapping your retirement assets) consider the impact turning 70 1/Ž2 will have on your tax bracket. If you’re in a lower bracket today and expect it to rise as a result of future required distributions, consider your accelerating income now. Take a distribution from your IRA now to leverage today’s lower brackets.