Experts recommend adding two action items to the to-do list.

Take the required minimum distribution: generally, you should start taking the required minimum distributions or RMDs from your individual retirement account (Ira), SEP IRA, SIMPLE IRA or retirement plan account when you reach 701’2. 

How much you charge depends on the value of your IRA and your lifespan. According to the IRS, the RMD for each year is calculated by dividing the IRA account balance from December 31 of the previous year by the applicable distribution period or lifetime. You can determine the distribution period or life expectancy using the tables in Appendix B of publication 590B, Distribution from individual pension arrangements (IRAs). 

RMD rules can be complex, so it’s best to consult a financial professional who can help you avoid mistakes, many of which can be costly. 

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Consider a few things that might trip you up: Roth IRA owners don’t have to take RMDs, but beneficiaries who have inherited a Roth IRA do. Likewise, beneficiaries who inherited a traditional IRA – even if they are not yet 70½ – have to take RMDs. An IRA owner must calculate the RMD separately for each IRA that he or she owns but can withdraw the total amount from one or more of the IRAs. RMDs required from 401(k) and 457(b) plans have to be taken separately from each of those plan accounts. If you’re still working after age 70½, you may not have to take an RMD from your employer-sponsored 401(k) plan.

“Missing RMD results in a 50% penalty, which is one of the largest penalties out there when it comes to retirement accounts,” says Sarah Brenner, an IRA analyst with ed Slott & Co. “Although it is possible to get this penalty reversed later by taking RMD and filing form 5329, the safest approach is to get RMD out of term.”

Don’t need your RMD? If you are beneficially inclined and need to take RMD, you can meet your RMD with a qualified charitable distribution or CDD, Brenner says. “This is a direct transfer from your IRA to a charity that is not included in the income for the year,” she says. 

The limit for KCD is $ 100,000 per year.

Review your assets: at least once a year, review your investment policy statement (IPS). It is a document that determines what percentage of your money should be in stocks, bonds and cash, and when you will rebalance these asset classes. 

If you don’t have an IPS, you should create one – by the end of the year. “All investors should have IPS,” says Robert Johnson, a Professor of Finance at Creighton University. “And it’s best to develop IPS in a fairly quiet market.”

If you don’t have a plan, create one, regardless of market conditions. 

If you have IPS, check if the asset allocation matches the stated or target set. If not, you’ll have to start reducing the percentage invested in what are essentially your winners and increasing the percentage invested in your losers.

Asset allocation should reflect your time horizon, your investment objectives and risk tolerance. Over the course of the year, chances are your asset allocation no longer reflects your target mix.

If you have many accounts earmarked for retirement – 401 (k), IRA, Roth IRA and taxable accounts – reviewing your asset allocation can be a burdensome and time-consuming affair. That’s why reviewing it now and making appropriate changes before the end of the year is sensible, especially if buying and selling assets creates taxable income.

Be sure to consult with your investment Advisor and tax professional before you begin rebalancing your retirement accounts.

No matter what, don’t give in to the bias of decency.

“Although market activity has been quite volatile recently, when considering IPS, investors should not worry about recent market movements or a de jour crisis,” Johnson says. “The whole point of IPS is to guide you through changing market conditions. It should not change as a result of market fluctuations.”

Robert Powell is the editor of Thestreet’s Retirement Daily and contributes regularly to USA TODAY. Any questions about money? Write to Bob at [email protected].