Liz Weston: 3 tasks for new retirees that will pay off later

Good savers, for example, could find themselves in a higher tax bracket at age 72, when required minimum withdrawals from retirement accounts typically start. In some cases, it can make sense to do partial Roth conversions in your 60s to spread out and reduce that tax bill, Azeles says. A tax pro or financial planner can help you determine if conversions are a good idea, and if so, how much to convert each year to avoid triggering a higher tax bracket or Medicare surcharges.

Another way to reduce your tax bill if you have more money than you need is to donate to charities directly from your IRA. So-called qualified charitable distributions can start at age 70 ½.

Even if you’re not awash in cash, your taxes may be higher than you expect. Most retirement income — including Social Security, pension payouts and retirement fund withdrawals — is potentially taxable. If you don’t have taxes withheld from these payments, you may need to file and pay estimated quarterly taxes to avoid penalties.

Too often, preventable diseases cut lives short or limit what people can do in retirement. Consider investing some of your newly free hours in maintaining or improving your physical health.

A medical checkup with your doctor can help you identify any conditions that need treatment, get up to date on immunizations and determine what screenings you should schedule. You also can discuss how to start or increase an exercise plan. The Centers for Disease Control and Prevention recommends 150 minutes of moderate exercise — such as brisk walking — every week, plus at least two weekly sessions of muscle-strengthening activities for all adults. People ages 65 and older should add balance exercises (you can find them online), such as standing on one foot.