As the final fiscal quarter approaches, it’s time to reflect on the financial year and plan ahead for the new year, regardless of age or generation. Late-year money moves can help boomers end the year on a strong financial footing, focusing on retirement savings accounts like 401(k)s and IRAs.

For boomers nearing retirement, it’s crucial to maximize contributions to retirement accounts to fuel growth and compounding while sheltering contributions in tax-privileged accounts. Older savers should take full advantage of catch-up contributions and employer matches to secure their nest egg with free money before retiring.

If you’re 73 or older, remember to take required minimum distributions (RMDs) from retirement accounts like 401(k) plans and traditional IRAs to avoid penalties. Failing to take an RMD can result in an excise tax of up to 25%, so it’s essential to plan ahead for the associated income and tax implications.

The IRS allows those 70 1/2 and older to bypass RMD rules with qualified charitable donations (QCDs) by Dec. 31. Boomers can donate up to $108,000 directly to charitable organizations, avoiding higher tax brackets and remaining under phase-out thresholds for tax credits and deductions. Consider Roth conversions to settle tax obligations on pre-tax retirement accounts sooner rather than later for long-term financial benefits.

Read more at Yahoo Finance: 4 Best Boomer Money Moves in Late 2025