Connect with Nancy D. Butler:
 
860.444.0535

Financial Age Based Events To Be Aware Of

Evaluate all “milestone dates” to maximize the use of all financial opportunities that are appropriate for you. Below are a few to consider.

AGE  
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.

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Age 59½ You can now withdraw assets from retirement plans without a 10% penalty from the IRS.

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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.