Evaluate all “milestone dates” to maximize the use of all financial opportunities that are appropriate for you. Below are a few to consider.
|Age 50-plus||You may be eligible for catch-up contributions to your retirement plans and IRAs. This can provide you the opportunity to save additional tax-advantaged dollars for your retirement.|
|Age 55-plus||If you retire, you become eligible for “Separation from Service after age 55” to withdraw money from your 401K plan without penalty..|
|Age 59½||You can now withdraw assets from retirement plans without a 10% penalty from the IRS..|
|Age 62||This is the earliest age you can receive social security retirement benefits.|
|Age 65||Make sure you sign up for Medicare on or before your 65th birthday, if eligible.|
|Age 70||Social security maxes out at 132% of the initial benefit.|
|Age70½||You must start taking required minimum distributions from your traditional IRAs. If you do not, there is a 50% tax penalty on the amount that should have been taken.|