7 ways to build wealth before December 31

1053. Host Laura Adams walks you through seven ways to lower your taxes, maximize savings, and protect your hard-earned cash before midnight on December 31. Don’t let holiday chaos cause you to miss this critical deadline.

Key Takeaways

• Employer-sponsored retirement plans like 401(k)s, 403(b)s, and 457s require employers to deduct contributions from paychecks by December 31.
• Zero out your flexible spending account (FSA) before year-end or confirm your employer’s specific rules, such as a limited carryover or grace period.
• If you’ve met your annual health insurance deductible, schedule remaining doctor visits, recommended tests, or prescription fills in December before your coverage limits reset on January 1.
• Those over 73 must make required minimum distributions (RMDs) from traditional retirement accounts by December 31 to avoid steep penalties.
• If you can move certain expenses (such as a mortgage payment or property taxes) into December, they may help you deduct more by itemizing.
• Check card portals before holiday shopping to activate quarterly bonus categories and redeem annual travel credits or expiring reward points to offset end-of-year expenses.

Related Episodes

1045

916

1018

1044

981

966

1043

Discover more from Money Girl!

Facebook

Newsletter

Transcripts available at QuickandDirtyTips.com.

Email: [email protected] or leave a voicemail: (302) 364-0308.

Hosted on Acast. See acast.com/privacy for more information.