Your age can change the rules that affect you while you invest for your retirement. Watch this video (9:40 minutes) outlining important milestones:
Some examples of important Birthday Milestones to consider:
- At age 50 you can start making catch-up contributions to your retirement accounts, saving more than you did before and potentially lowering your tax bill.
- At Age 55, you may be eligible to start receiving penalty-free distributions from a qualified retirement plan.
- At age 59 ½ you’re now eligible for penalty-free distributions from your IRA, 457(b) pension plan or qualified employer-sponsored plan.
- At age 62, you can no claim Social Security benefits. Thinking carefully about this decision will pay off. Collecting benefits early may reduce them by as much as 30%. Waiting until full retirement age will ensure you collect full benefits.
- At age 65, you’re eligible for Medicare. Health insurance costs during retirement are often underestimated and adequate protection is important.
- At age 66-67 you’ll reach full retirement ages which means you qualify to receive full Social Security benefits.
- At age 70, your Social Security benefits will not increase, so filing makes sense if you have not already. Why you turn age 72, you’ll need to start making your Required Minimum Distributions (RMD).
Getting your plan optimized should consider these and many other rules laid out by the government. For more information, contact us at 720-384-3670 to learn more.