Retirement Planning Ages You Need to Know

By Brendan Hughes0 Comments

Do you know at what age you can begin taking distributions from your IRA without penalty? Do you know at what age you can start making “catch-up” contributions to your IRA?

When planning for retirement you should be aware of 7 different ages, according to the recent Forbes article, “The 7 Ages That Matter Most When Planning Retirement.” The importance of each date is based on items related to investing for retirement, including the earliest you can take Social Security and when you are eligible for Medicare.

Knowing what benefits are available at what age can help you better prepare for the future. Better understanding your future income needs can help you make investing decisions today.

Here are the seven ages referenced in the article:
  • 50 – Eligibility for catch-up contributions to IRA or 401(k)
  • 59½ – Early withdrawal penalty goes away for IRA or 401(k)
  • 62 – Earliest you can start Social Security
  • 65 – Medicare eligibility begins
  • 66 – Full retirement age for Social Security
  • 70 – Last year to wait before beginning Social Security
  • 70½ – Required minimum distributions (RMD) must begin for Traditional IRA
The article goes into more detail on each age’s activity and how it could impact your retirement planning.

To discuss how self-directed IRAs could fit into your retirement planning, schedule a free consultation with a Senior Account Executive.