Tax and Retirement Tips You Must Not Forget Before Year End

Make sure you convert to a Roth IRA before the end of the year, said Ed Slott, founder of Ed Slott and Company. Slott added that employees should max out their retirement contributions for 2014 to build tax-free savings, or in other words, 'take it off the top before you get your hands on the money'. He said people who are scheduled to take distributions also need to remember to take them before the end of the year or face the tax consequences. Finally, Slott said it's important to update beneficiary forms prior to year end because major life events take place over the course of the year.