7 ways to build wealth before December 31
· 14 min · Episode 1053
Episode 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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Links in the notes 11
- https://shows.acast.com/money-girl/episodes/workplace-roth-vs-roth-irawhats-the-difference
- https://shows.acast.com/money-girl/episodes/69c148cb1a160b44db9c93fa
- https://shows.acast.com/money-girl/episodes/beyond-a-401k-understanding-a-403b-457-and-401a
- https://shows.acast.com/money-girl/episodes/smart-ways-to-pay-less-on-rising-healthcare-cost
- https://shows.acast.com/money-girl/episodes/69c148c11861d127d5ad0cde
- https://shows.acast.com/money-girl/episodes/69c148c262f6c66afea5cfa3
- https://shows.acast.com/money-girl/episodes/a-beginners-guide-to-travel-hacking-using-rewards
- https://www.facebook.com/MoneyGirlQDT
- https://www.quickanddirtytips.com/money-girl-newsletterhttps://www.quickanddirtytips.com/newsletters
- https://www.quickanddirtytips.com/transcripts/money-girl/
- https://acast.com/privacy
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