So what's the pitfall? Many retirees aren't informed about the MRD, which ends up costing them 50 percent of the withdrawal each year they miss it. Be sure to understand how your financial institution is calculating your distribution.

While your payment history ranks as the most important piece of your credit score, it can take months or even years to dramatically improve it. Looking for a quicker fix? Focus on what's known as your credit utilization rate.

Examining these celebrity cases, a few common themes stick out. First, always file your tax return. Even if you don't have enough money to pay your full bill, the harshest penalties are always for failure to file.

Reaching a retirement goal on time requires aggressive saving, maximizing tax advantages, lowering your expenses and keeping a diversified investment portfolio. As the old Chinese proverb says, "The best time to plant an oak tree was 20 years ago, and the next best time is today."