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Key Retirement Planning Milestones:
A Timeline for Achievement
Every birthday is special—but these are particularly important for retirement planning.
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 $6,000 more) 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 can now 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! You can actually sign up three months before your 65th birthday—and don't wait, or you could get hit with higher premiums.
Congratulations—you've hit full retirement age! Of course, whether you keep working is up to you. (Born before 1959? You qualify at 66 and two months. 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.
Happy half-birthday! You have until next April 1 to take your first Required Minimum Distribution (RMD) from your IRA and employer-sponsored retirement plans, and until next December to take the second distribution.
Approaching an important milestone? A PNC investment professional can help you prepare and stay on track with a
personalized retirement consultation.
Important Legal Disclosures & Information
1. You will have to pay ordinary income on the amount withdrawn. Exceptions apply. See Tax Topic 558 for details.
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.
Important Investor Information: Brokerage and insurance products are:
Not FDIC Insured • Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose Value
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.
PNC Investments LLC, PNC Insurance Services, LLC and PNC Bank, National Association are each affiliated with The PNC Financial Services Group, Inc.
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