Important Age Milestones of Your Retirement Timeline
There are a handful of important age milestones that you should be aware of in the reinterment planning process. While some of them are more well-known, others can easily fly under the radar. Stay tuned as we cover the important birthdays you need to pay attention to from catch-up contributions at age 50 to taking RMDs at age 73.
At the end of the conversation, Marcos will share how you might think about strategizing for these timelines and the key birthdays that retirees often forget to plan around. He’ll also talk about some of the common mistakes people make with their retirement timelines so that you can take advantage of the opportunities available to you and avoid penalties.
Don’t let these key milestones sneak up on you- tune into this conversation for some important dates to consider throughout the retirement planning process!
Here’s some of what we discuss in this episode:
- Age 50: Catch-up contributions for IRAs and employer-sponsored accounts
- Age 55: Rule of 55 for penalty-free 401(k) withdrawals after leaving an employer
- Age 59.5: Elimination of early withdrawal penalties for qualified accounts + approaching Social Security age
- Age 62: Earliest eligibility for Social Security benefits
- Age 65: Eligibility for Medicare coverage
- Age 67: Full retirement age + baseline income expectations
- Age 70: Potential for increased Social Security benefits
- Age 73: Begin taking RMDs
Book a 15-minute discovery call with the team here: https://calendly.com/ask-bulmanwealth or ask questions via email at ask@bulmanwealth.com.
