Retirement Planner: The age that you can begin retirement benefits
If you are in retirement, approaching retirement or if you simply would like to learn a bit more about how your certain age milestones matters when it comes to what you are allowed to do and what you have to do with your finances see below:
· AGE 50
o Once you turn 50 you are allowed to begin retirement and IRA catch-up contributions
· AGE 59 ½
o Now you are allowed penalty-free to start taking withdrawals from traditional IRA and 401(k). If you have a ROTH IRA you can now begin tax-free withdrawals if you held assets in a Roth Ira for 5 years.
· AGE 62
o This is the earliest age that you can begin to receive your reduced social security benefits
· AGE 65
o Medicare benefits begin and you should start reaching out to social security 3 months before you turn 65 in order to activate Medicare.
· AGE 66
o This is the normal retirement age to begin receiving your full social security benefits.
· AGE 70
o This is the latest age that you can begin receiving your social security benefits
· AGE 70 ½
o This is the age where you have to start taking required minimum distributions from your traditional IRAs and retirement plan account. This has to begin by April 1stthe year after reaching 70 ½.
Written By CreativeNurse Team 2016-22591 Exp. 5/18