10. If you’re over 70½: Take your minimum required distribution.

The penalty for failing to take a required distribution is steep: a 50% tax on the amount not taken in addition to regular income tax on the amount that should have been withdrawn.

If you reached 70½ this year, you have until April 1, 2015, to take your 2014 distribution, but it still might be a good idea to do it before the end of this year. Why? Because if you wait, you’ll have to take two distributions in one year. That could push you into a higher tax bracket. Use our MRD calculator or read Viewpoints: “Smart IRA withdrawals.”