6 Key Birthday Milestones For Your Retirement Plan

6 Key Birthday Milestones For Your Retirement Plan

December 14, 2022

Jacob Merk, CPA, CFP shares the birthday milestones that may play a role in your financial planning:

50s —You may maximize catch up contributions while you’re still working to ensure you are taking advantage of all of the tax deferral options available.

59.5 —No more tax penalties on early withdrawals from retirement accounts means individuals can begin to use retirement savings (if needed).

62 —The minimum age one can receive social security benefits. More on this later, but many individuals may want to maximize benefits.

65 —The age at which everyone in the United States is eligible for Medicare.

66-67—Full Social Security benefits become available.

72 —The age at which most retirement accounts start to require minimum withdrawals, otherwise there may be heavy tax penalties.