Time to start thinking about optimizing Roth conversions, RMDs, capital gains, Medicare premiums and charitable giving before year's end. The things you do before Dec. 31 are typically what save you the bigger dollars. And saving bigger dollars is fun for everyone. Here are five things retirees should consider before Dec. 31:

This year, Uncle Sam will take his cut of the past year’s earnings on May 17, slightly later than usual due to the COVID-19 pandemic. Many taxpayers are undoubtedly wondering how this year’s Tax Day will affect their finances, as a lot of people are struggling financially as a result of the pandemic.

We all know one or more elders that have been preyed on in one fashion or another. It happens all the time. Some attorneys even specialize in defending their elderly clientele against these predators, who come in all shapes and sizes. Sometimes, a predator is a stranger who becomes embedded in the senior’s life in the form of “a new caregiver, a friend, a romantic interest or even as a financial adviser.”

We all complain about the crazy and sometimes foolish behavior of the Internal Revenue Service. But, other taxing entities such as states, school districts and municipalities can be just as bad. These other taxing entities have no qualms in spending $100 to collect $10 in extra taxes. They are also quick to charge interest and penalties on anything and everything.

One hears much about the federal income tax credit available for rehabilitation of historical structures. Fewer know that Ohio also has such a credit. The federal and state credits may help finance the rehab of historic structures.

If one of these notices comes your way, please check immediately with your tax advisor. This piece of mail is not to be ignored.