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.. |
| 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. |