Take advantage of these key milestones to help ramp up your retirement assets as you prepare for retirement or help make the most of your retirement income distributions while in retirement.
A golden opportunity to start making catch-up contributions to your qualified employer-sponsored retirement plan (up to $6,500 more in 2020 and 2021) or Individual Retirement Account (up to $1,000 more) annually.
Have your cake and eat it, too. If you're no longer working, you may be able to access money from a 401(k) plan without penalties.
Celebrate! You may be able to withdraw money from your 401(k) or traditional Individual Retirement Account without penalties.
If you need to, you can start claiming Social Security at 62. (But be careful—for many people, there are good reasons to delay. As it stands today, benefits will increase about 8% for every year you wait.)
Happy Medicare day! Did you know you can actually sign up three months before your 65th birthday? Consider this and the potential impact it could have on your premiums.
Congratulations—you've hit full Social Security retirement age! Of course, whether you keep working is up to you. (Born before 1959? You qualify at 66 and two months for every year after 1954 until 1960. Born in 1959? 66 and ten months. Born any later, and you have to wait for age 67.)
Last call for Social Security—if you haven't started getting benefits, it's time. At age 70, Social Security maxes out at 132% of the initial full benefit.
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1. You will have to pay ordinary income on the amount withdrawn. Exceptions apply. See Tax Topic 558 for details.
2. Under recent SECURE Act legislation, if you were born on or after July 1, 1949, the age required to begin taking RMDs has changed from age 70 to age 72 beginning in tax year 2020. Consult your tax and/or legal advisor if you need further guidance in this regard.
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