My RMDs will be $100,000 or more. What can I do now to lower my taxable income — before it’s too late?

I am a widow of about four years. I will turn 70 in 2025. My husband and I had good jobs over the years and have accumulated more than $4 million in assets. The “problem” is that at least $3 million of that is in IRAs.

I realize that when I need to start taking my RMDs, I will be pulling out more than $100,000 a year, which will significantly boost me into a higher tax bracket. The remaining $1 million or so of assets are mostly in a mix of both stock and bond mutual funds, stocks, CDs, and Treasury bills.

• ‘I paid for everything from day one’: My husband barely worked during our marriage. Can I leave my $500,000 IRA to my son?

• ‘My retirement is going to be a disaster’: I’m 59 and have $45,000 in my 401(k). I earn $72,000. Am I doomed?

• ‘I can’t stop thinking about it’: My husband bought substantial properties prior to our marriage. If he sells them and we divorce, will I get half?

• Stocks are pricey, but these overlooked sectors may be your best bet

• Forget the ‘Magnificent Seven.’ Here are the biggest investment themes in the next five years.

My 2023 federal adjusted income was about $87,000 which is mainly Social Security (about $48,000 gross), some pensions, and interest and dividends from investments.

My expenses are also quite low. The house is paid off, I have solar panels and I haven’t paid for electricity for over five years, I have a well water and septic so no water or sewer bills. Just property and auto insurance, oil heat, and other normal living expenses.

My husband and I never had a financial planner, we pretty much did everything ourselves. I do have an accountant for my taxes now since I didn’t want to handle that after my husband passed away.

How can I lower my adjusted gross income so that when I have to take the $100,000-plus RMD I can try to remain in as low a tax bracket as I can and avoid triggering Medicare IRMAA? Should I even try?

My accountant, in broad terms, suggested I continue with my investments for now. When I start to need to take RMDs, he suggested that I convert the stocks and stock mutual funds (in the taxable brokerage accounts) to tax-efficient bonds or municipal bonds that are tax-free.

But I will still have a sizable Social Security income. He also ran some numbers and believes it’s not worth paying the taxes now on a Roth conversion at this point.

Is there anything I should be doing now to offset the huge increase in income in a few years with the RMD?  What should I do in a few years?

A Worried Widow

Related: I’m 63 and tried claiming Social Security early, but it was declined because I’m still working. Is that allowed?