MSN Money points out some year end tax tips.  Here's one of the most important:

Contribute to a retirement plan. If you’re contributing to a retirement plan such as a 401(k) or a 403(b) plan, you can put in $14,000 this year. If you’re 50 or older, you can put in another $4,000 as a catch-up contribution. Check with your employer to be sure you can make extra contributions.

The Offical Guide to the New Prescription Drug Coverage

This is a common dilemma for a lot of retirees.  CNNMoney column looks at the options.

TUESDAY, Nov. 22 (HealthDay News) -- Health officials and health activists are, literally, rolling out a new strategy to help clear up the confusion surrounding the new U.S. Medicare drug plan.

A fleet of 37 vans with trained staff and technology will wheel around 27 states and the District of Columbia until May 15, 2006, the official end of enrollment for the program, known as the Medicare Prescription Drug Benefit, or Part D.  With the roll-out, Firman added, "we are going to make sure every one of those 42 million Medicare beneficiaries by the spring are no longer confused. They'll know what to do."

We'll be away for a few days this week.  Hope you have a great holiday!

The decline in the U.S. personal saving rate and the dearth of internal saving raise concerns for the future. In coming decades, a growing fraction of U.S. workers will pass their peak earning years and approach retirement. In preparation, aging workers should be building their nest eggs and paying down debt. Instead, many of today's workers are saving almost nothing and taking on large amounts of adjustable-rate debt with payments programmed to rise with the level of interest rates. Failure to boost saving in the years ahead may lead to some painful adjustments in the future when many of today's workers could face difficulties maintaining their desired lifestyle in retirement.  Here's the research report, "Spendthrift Nation".

Walter Updegrave provides some tips for taking income from your portfolio. 

There have been numerous articles in the Wall Street Journal and the New York Times regarding pensions recently.   In the last three years, almost 600 companies have reneged on their pension fund obligations.   Currently the Pension Benefit Guaranty Corporation (PBGC) has 62.3 billion in obligations and 39 billion in assets- a gap of 23 billion.  If Northwest and Delta shed their pension plans like US Airways and United did recently, it could saddle the PBGC with an estimated 11.2 billion in unfunded liabilities. The automakers and Delphi may not be very far behind.  Roger Lowenstein in the NY times makes the case  that public (government) pensions are underfunded at least 300 billion.  He states 'future taxpayers will be hopelessly in hock to the police, firefighters, and teachers of the past."

Frequently asked questions about HSAs
   What are they?  They are 401(k)-type investment accounts that, when used to pay medical expenses, are tax-free.  Who is eligible?  Anyone who is covered by a high-deductible health plan (at least $1,000 for individuals and $2,000 per family), is not eligible for Medicare, and can't be claimed as a dependent on someone else's tax return.
   
   How much can I set aside?
   For 2004, individuals can invest an amount equal to their deductible or $2,600, whichever is less. For families, the maximum contribution is the lesser of the deductible or $5,150. If you will turn 55 before the end of the year, you can contribute an extra $500. There is no cumulative cap on contributions.
   
   Can my employer contribute to my HSA?
   Yes, but it is not required and annual contribution limits still apply.What happens to any unspent money?  Funds can be rolled over year to year and job to job, accruing interest along the way.
   
   Can I use my HSA to pay expenses not related to health care?
   Yes, but if you do so before age 65, you must pay income tax and a penalty.  If you are 65, there is no penalty, but you pay income tax.
   
   Who wins
    * Young, healthy, single people: Lower health costs translate into bigger savings accounts.
    * Health insurance companies: Coverage doesn't kick in until after higher deductibles are met.
    * Employers: High-deductible plans equal lower premiums.
   * Alternative medicine users and makers: Tax-free funds can be used for doctor-prescribed dietary   supplements.
    * The uninsured: Price cuts may lure some who can't afford traditional plans.
   
   Who loses
    * Diabetics and others with chronic conditions: Frequent out-of-pocket expenses make saving difficult.
    * Families with young children: If deductible not waived for preventive care, co-pay plans may be cheaper.
    * People in lower income brackets: They have less money to set aside and get little to no tax benefit.