Hard Deadlines
December isn't just about holiday shopping. For anyone approaching retirement — or already in it — the last few weeks of the year are a critical window for financial moves. Some have hard deadlines. Miss them, and you'll wait another year (or pay penalties).
Before the Ball Drops: Your Financial To-Do List
RMDs & Distributions
Required Minimum Distributions (RMDs)
December 31 Hard Deadline
If you're 73 or older, you must take your Required Minimum Distribution (RMD) by December 31. Miss it, and you owe a 25% excise tax on the amount you should have taken. No exceptions.
RMDs & Distributions
Take your Required Minimum Distribution if you are age 73 or older
Consider Qualified Charitable Distributions (QCDs) up to $105,000 — reduces taxable income
Review inherited IRA distribution requirements (10-year rule post-SECURE Act)
Tax Planning
Tax Moves Before Dec 31
Evaluate Roth conversion opportunity before Dec 31 — use lower-bracket years
Harvest capital losses to offset gains (wash-sale rule: wait 30 days to rebuy)
Review estimated tax payments — avoid underpayment penalty
Maximize charitable deductions (donor-advised fund, appreciated stock)
Roth Conversion Opportunity
If you're retired and in a lower income year, a Roth conversion can be one of the most powerful tax moves available. Pay taxes now at lower rates; future withdrawals are tax-free. This window closes December 31.
Savings & Contributions
Retirement Contributions (Dec 31 for 401k, April 15 for IRA)
Max out 401(k)/403(b) contributions — $23,500 limit, plus $7,500 catch-up if age 50+
Fund IRA/Roth IRA — $7,000 limit, plus $1,000 catch-up if age 50+
Use remaining FSA dollars before they expire (use-it-or-lose-it)
If self-employed: fund SEP-IRA or Solo 401(k) — up to $69,000 for 2024
$23,500
2024 401(k)/403(b) contribution limit
+$7,500
Catch-up contribution if age 50+
$7,000
IRA/Roth IRA limit (+$1,000 catch-up)
Insurance & Benefits
Insurance & Benefits Deadlines
Medicare Open Enrollment ends December 7 — review your plan for next year
Review employer benefits during open enrollment before deadline
Review life insurance beneficiaries — especially after any life changes
Check if long-term care insurance premiums increased — explore options
Year-End Review
Annual Plan Review
Review your retirement income plan — is your withdrawal rate still sustainable?
Rebalance your portfolio to target allocation if it's drifted more than 5%
Review Social Security statement at ssa.gov for accuracy
Update estate planning documents if any life changes occurred
The Bigger Picture
December financial moves are about more than checking boxes — they're about optimizing your tax situation and making sure your plan still fits your life. If you'd like to walk through any of these items together, reach out before the holidays. Once January 1 arrives, some of these windows are gone for the year.