Cheat Sheet for Knowing Your Retirement Age

Cheat Sheet for Knowing Your Retirement Age

            You don’t often hear about any benefits of getting older, but in the field of retirement planning, there are a few opportunities associated with certain age “milestones” that you won’t want to miss: 

Retirement Age Timeline

Age 55
If you have separated from your employer, you can tap your 401(k) funds penalty-free.
Age 55
Age 59 ½
You can withdraw from your IRA and other tax-deferred assets penalty-free.
Age 59 ½
Age 62
The earliest age for claiming reduced Social Security benefits.
Age 62
Age 65
The age of eligibility for Medicare enrollment.
Age 65
Age 66-67
The age range of eligibility for full Social Security retirement benefits, depending on your birth year.
Age 66-67
Age 70
The age of eligibility for maximum Social Security benefits.
Age 70
Age 70 ½
The age when you must start taking required minimum distributions from your retirement accounts.
Age 70 ½

             To maximize all opportunities, everyone should have a formal written retirement plan that aims to minimize the risk of running out of money, protect the portfolio’s principal and minimize taxes as you continue to age.  We work with clients to develop a personalized retirement income strategy which addresses all three of these goals and works in concert with your estate, healthcare and insurance plans.  If you would like a comprehensive review of your retirement plans, please contact us to make an appointment.  We’ll make sure you don’t miss any important milestones. After all, we believe older really can mean wiser!