Important Ages on the Retirement Journey

The Retirement Show: Your Life, Your Money with Scott Sierens

Many say that age is just a number, but when it comes to retirement planning, age means much more than that. Join us in this insightful episode as we delve into the world of financial milestones that can significantly impact your retirement planning. From age 50 to 75, we uncover the strategies, opportunities, and pitfalls tied to these pivotal years.

Learn why age isn't just a number when it comes to taxes, charitable giving, and required minimum distributions (RMDs), as Scott shares how you can strategically use these age milestones to optimize your retirement planning journey. From Social Security choices to Medicare considerations, we guide you through the intricate web of financial decisions, ensuring that every year counts towards a brighter and more secure retirement.

Here are a few milestones we discuss in this episode:

• At age 50 and over, individuals can contribute more money to their retirement plans such as 401(k), 403(b), and 457, with a $7,500 increase in contribution limits compared to those under 50.
• The "Rule of 55" allows penalty-free withdrawals from a 401(k) if you leave your job at age 55 or older.
• Age 62 is the earliest you can start claiming Social Security benefits, full retirement age varies based on birth year, and age 70 provides the maximum benefit.
• Turning 65 is an important age for considering Medicare enrollment.
• RMDs are mandatory withdrawals from retirement accounts like IRAs and 401(k)s. These distributions must begin at specific ages, depending on your birth year.

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