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.

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