If you’re a woman in your 50s or older, the choices you make now about when and how to withdraw retirement money can shape the next several decades of your financial life. Your plan may need to account for a longer retirement, caregiving-related career breaks, changing household income, taxes and the possibility of managing money on your own after divorce, widowhood or another life change.

There is no single “right” withdrawal strategy. But Social Security timing, tax planning and the order in which you tap accounts all deserve attention before retirement begins. You need to evaluate the trade-offs and build a plan around your income needs, health, family responsibilities and goals.

1. Waiting Too Long to Plan for RMDs

Required minimum distributions, or RMDs, are withdrawals the IRS generally requires from traditional IRAs and many workplace retirement plans once you reach age 73. For women approaching retirement, planning for RMDs can be especially important because those withdrawals may begin while you are adjusting to a new income pattern, Medicare costs or a shift in household finances.

Large IRA or workplace-plan balances can push taxable income higher once RMDs start. Looking ahead may give you time to consider Roth conversions, planned withdrawals or charitable giving before the first required withdrawal is due.

2. Claiming Social Security Before You’ve Weighed the Trade-Offs

For many women, Social Security can become a foundation of retirement income. That makes the claiming decision important if you expect retirement to last 20, 25 or even 30 years.

You can generally claim retirement benefits as early as age 62, but doing so permanently reduces your monthly benefit. Waiting until full retirement age can help you receive your full benefit, while delaying longer may increase your monthly benefit until age 70.

A higher monthly benefit can matter if you live longer than expected, have fewer personal retirement savings because of career breaks or may one day rely on your own benefit or a survivor benefit.

Still, waiting is not always best. Your health, work plans, marital status, cash needs and other assets all matter. If necessary you may seek advice to decide how Social Security fits with the rest of your withdrawal plan.

3. Tapping a 401(k) or IRA Before You Need To

Although you can begin taking penalty-free withdrawals from many 401(k)s and IRAs at age 59 1/2, accessing those accounts too early may reduce the time your savings have to grow. For women who may need their money to last longer, preserving tax-advantaged savings can be an important part of retirement-income planning.

If you have taxable investment accounts, cash reserves or other non-tax-advantaged assets, consider whether those resources should be used first. The best withdrawal order depends on your tax bracket, account balances, income needs and the flexibility you want to preserve for later years.

4. Using Your Roth Before Other Options

A Roth IRA can be especially valuable in retirement because qualified withdrawals are generally tax-free and Roth IRAs are not subject to lifetime RMDs for the original owner. That flexibility may help you manage taxes, cover later-life expenses or leave money to heirs.

If you have other assets available, it may be worth delaying Roth withdrawals so the account can continue growing tax-free. The right move depends on your income, tax bracket and estate-planning goals.

5. Planning Retirement Withdrawals on Your Own

Choosing which accounts to tap, when to claim Social Security and how to manage taxes can be complicated. The correct answer may evolve as markets shift, health needs emerge or your household situation changes. Check with your accountant, advisor or whoever you work with on tax and investment matters. It is an important conversation. You will come away feeling more confident about your financial future.