In retirement planning, there are some big birthdays you need to keep in mind. When you turn 50, the government allows you to put additional catch-up contributions into your retirement accounts. This is a great way to save more if you feel the need to.
A lot of people are unaware that when you turn 55 you can take withdrawals from your 401(k) without penalty, although they are still taxed and you’ll want to follow the rules carefully. By 62, you can take Social Security, but will this be the best decision for your plan? On today’s episode, we’ll explore these ages and which important ones are crucial to your retirement plan.
Check out Donna’s new book coming out soon: https://www.widow-wisdom.com/
Listen to the full episode or skip to certain topics:
1:03 – Donna’s new book is coming out!
2:37 – Do you enjoy birthdays?
3:34 – 50 and catch-up contributions
5:47 – 55 and early withdrawals
7:02 – 59 ½ eligible to withdrawal
8:29 – 62 and Social Security
10:15 – 65 and Medicare
11:33 – 66 or 67 is full retirement age
12:38 – 70 the latest you can take Social Security
13:38 – 72 and required minimum distributions
16:27 – Prepare for tomorrow!
At 62 you’re eligible for Social Security… I do recommend that everyone approach this number cautiously…Every year that you can defer it’s almost like you can get a little bonus.Donna Kendrick