Birthday Financial Milestones

As Marci and I celebrate birthdays (well really it’s just one birthday) this week, we thought we would share the following information to help you plan for your upcoming “milestone” birthdays, compliments of Brighthouse Financial and Investment News.

And no, this is not a milestone birthday for us but we can still help you with each of yours and we will remind you of your options as you approach these BD’s!  Remember that all of these milestones are subject to change.

Legislative milestones:

Age 50:                You may be able to increase your retirement plan contributions to IRA’s, 401K’s and 403B’s 

Age 59 ½:            You may be able to take distributions from your eligible plans without a penalty.  Depending on the type of account, you still have to pay taxes though. 

Age 60:                Widows and widowers may be able to collect Social Security benefits 

Age 62:                You are likely eligible for social security benefits

Age 65:                You may be eligible for Medicare health coverage 

Age 70 ½:            Depending on the type of retirement account you have, spend down is required (RMD’s) and taxes must be paid.