December 31 is the last day you can benefit from certain
retirement tax breaks. For example, if you haven't put the maximum amount
allowed in your 401(k) – $18,000 in 2016 – increasing your contributions can
save you money. If you're over age 50, you can make a catch-up contribution to
a 401(k) of an additional $6,000. If you're age 70½ or older, remember to take
required minimum distributions from retirement plans to avoid a penalty. For
more tips on managing your retirement plans, contact us at (518) 798-3330.
