Millions of Americans have a ticking time bomb in their tax-deferred accounts — 3 easy ways to start defusing it now

As of July, the average 401(k) balance for someone in their 50s was $642,696, according to Empower . And the number of 401(k) millionaires also reached a record-high last year, coming in at 645,000.

Meanwhile, Empower found that Americans in their 50s now hold an average $483,451 in their Individual Retirement Accounts (IRAs).

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If you're one of them, congratulations. But before you start making plans for what to do with that sizable balance, you'll want to pump the brakes. That's because since these are tax-deferred accounts, the IRS is eventually going to come knocking for its share of your stash.

Waiting until you're forced to take your required minimum distributions (RMDs) can push you into a higher tax bracket, impacting the taxes on your Social Security benefits and even increase your Medicare premiums. If you're caught unprepared, a major tax bill could blow up your entire retirement plan.

A little advanced planning can save you big bucks in the long run. Here are three easy strategies to help you defuse this ticking time bomb before it goes off.