In a medium saucepan, combine the whole milk and heavy cream. Heat over medium heat until warm, but do not bring it to a boil.
In a separate bowl, whisk together the eggs and powdered sugar until well combined and frothy.
Gradually add a few tablespoons of the warm milk mixture to the egg mixture, whisking constantly to temper the eggs and prevent curdling.
Slowly add the tempered egg mixture back into the saucepan with the remaining milk and cream. Stir continuously over low heat until the mixture thickens slightly (about 5-7 minutes).
Remove from heat and stir in the vanilla extract, ground nutmeg, and almond extract. Mix well.
Allow the mixture to cool down to room temperature, then refrigerate for at least 2 hours until well chilled.
When ready to serve, fill a glass with ice cubes, then pour the chilled eggnog mixture over the ice.
Garnish with a sprinkle of freshly grated nutmeg on top before serving.