6 Tips For Your End-of-Year Finances

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 […]