Americans have a limited two-day window, December 30 and 31, to make a special retirement plan withdrawal. This allows penalty-free access to up to $2,500 for long-term care insurance premiums, though the amount is taxable. This opportunity is part of new tax breaks introduced under recent legislation, with several changes applying retroactively to January 1, 2025. Tax professionals emphasize the urgency for year-end tax planning due to these new deductions and increased SALT deduction caps.