6 Tips For Your End-of-Year Finances

Person using a calculator to manage end-of-year finances, emphasizing financial planning and calculations for the year's end.

Here are the six financial key points for people to be aware of before the end of the year to better position themselves. 1. RMDs — Required minimum distributions: If you are age 73 or older and have a “tax-deferred” retirement account like a 401K, Traditional IRA, TSP, 403B, or a 457 plan, you must take out a Required Minimum Distribution by the end of this year or you will be subject to a 25% IRS penalty on the amount that was missed. So, if you had a RMD of $20,000 and you missed taking it for 2023, you […]

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