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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; $6,000 in 2019) 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.
1. You will have to pay ordinary income on the amount withdrawn. Exceptions apply. See Tax Topic 558 for details.
2. Under the new SECURE Act legislation, if you were born on or after July 1, 1949, the age required to begin taking RMDs has changed from age 70½ to age 72 beginning in tax year 2020. Note, if you reached age 70½ in 2019, your 2019 RMD must be withdrawn no later than April 1, 2020. If you delayed taking your 2019 RMD until 2020, you will also be required to take your 2020 RMD by the end of 2020, and annually thereafter.
This material is meant to educate and not to provide legal, tax, accounting or investment advice. PNC Investments and its affiliates and vendors do not provide legal, tax or accounting advice.
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Securities products, brokerage services and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member FINRA, and SIPC. Annuities and other insurance products are offered through PNC Insurance Services, LLC, a licensed insurance agency.
This document provides information on additional compensation that PNC Investments receives from certain mutual fund companies, 529 plan program managers and insurance companies.
This material does not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so.
PNC Investments does not guarantee the performance of any investment. Investing results may vary. Investments may lose money. Diversification and asset allocation may not prevent a loss of investment.
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