IRAs

Employees should refrain from cosigning their child's student loan, as Social Security could garnish their retirement benefits if the child defaults on the loan payments.

Missing required 401(k) minimum distributions are subject to a penalty equal to half the amount that should have been taken.

Although the current year has been good for participants, many workers are not investing in a retirement plan.

Those who leave the workforce and are sitting on losing investments may do tax-loss harvesting, or they may donate their winning holdings to a charity to avoid the capital gains tax

Investors are advised to do a Roth conversion before year-end to make the most of the federal tax deduction for state and local income taxes, which could disappear next year.

With the right steps, workers can reduce their tax liability, as well as new sources of retirement income with different tax treatments,

Workers can improve the odds of getting bigger Social Security benefits after they retire by asking for a salary raise from their employer.

One-third of households headed by Americans aged 65 and older derive 90% of their retirement income from Social Security, according to a GAO report.

Retirees should ensure that they take their first required minimum distribution from their tax-deferred retirement account in the year they reach 70 1/2 or face a 50% penalty.

Those who leave the workforce can maximize the tax benefits by donating a portion of their IRA assets directly through a qualified charitable distribution