Year-end checklist

3 money moves worth making before December 31

Each one has a year-end deadline, and none takes long.

A few money decisions quietly expire on December 31. Here are three worth a look this month.

1. Bump up your workplace retirement contribution

If you're still working and 50 or older, you can make extra "catch-up" contributions to a 401(k) or 403(b), and people aged 60 to 63 get an even higher catch-up limit. Raising your contribution for the last paychecks of the year can lower this year's taxable income. One newer wrinkle: higher earners may be required to make catch-up contributions as Roth (after-tax) money. Your HR team or plan website can tell you how much room you have left and how it works for you.

2. Take any required withdrawal

If you're 73 or older, you generally need to take your required minimum distribution from traditional IRAs and 401(k)s by December 31. (Your very first one can wait until April 1 of the following year, but then you'd take two in one year.) Missing it can mean a penalty. Your account provider can tell you the exact amount, and many will set it up automatically.

3. Use up your FSA money

Many flexible spending accounts are "use it or lose it." Some plans allow a short grace period or a small carryover, but don't count on it. Check your balance now and book the eye exam, dental cleaning, or prescription refill before the year ends.

Rules have details and exceptions, so check with your plan or a tax professional for your situation.

Short, useful notes like this are what Nest Egg Brief is about. Have a money question? Email hello@nesteggbrief.com.

The Nest Egg Brief team