Ep 91: Important Retirement Birthdays

What are the important birthdays we need to take note of when planning for retirement? There are certain milestones that have a big impact on your plan. As you approach 50, you want to really start planning strategically. If you haven’t been saving much before, once you turn 50 you can actually participate in catch-up contributions.

A few years later at 59 ½, you can start taking out of those retirement accounts without the 10% penalty. At 62 you’re eligible to take Social Security, although whether you want to do so is dependent on your plan. What other important ages do you need to keep marked on your calendar? On today’s episode, we’ll break down the most important retirement birthdays as well as answer some mailbag questions.

 

What we discuss in this episode: 

0:54 – How are is Mike doing?

2:39 – Catch-up contributions at 50

4:56 – Withdrawing early at 55

6:27 – No penalty withdrawals at 59 ½

8:33 – Social Security at 62

11:02 – Medicare at 65

12:44 – Full retirement age

14:06 – RMDs and age 72

16:04 – Get your plan done!

17:27 – Mailbag: “Can I justify a private school tuition?”

 20:16 – Mailbag: “Should I budget before meeting with an advisor?”

 

Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/