Age-Based Milestones for Financial Planning

by | May 20, 2024 | Financial Planning, Integras Insights, Retirement

Reaching certain ages can be meaningful for financial planning. Age can affect contributions and withdrawal rules from retirement accounts, social security and pension options, and even taxes as many aspects of the tax code are linked to age.

50: Eligible to make catch-up contributions to retirement accounts

55: Eligible for penalty exceptions for certain withdrawals from employer retirement accounts

59 ½: Eligible for retirement account withdrawals without early distribution penalty; Potentially eligible to move money from an employer plan to an IRA while still working

60: Beginning in 2025, additional catch-up contributions allowed

62: Earliest age to claim social security (at a reduced benefit amount)

65: Eligible for Medicare coverage (pay attention to enrollment period, which opens prior to 65th birthday); Increase in standard deduction

67: Full retirement age for social security for most people (depends on birth year)

70: Maximum social security benefit is reached

70 ½: Eligible to make Qualified Charitable Distributions

73 or 75: Required minimum distribution age from retirement accounts (depends on birth year)

Integras Partners provides financial planning and investment management to our clients. We have a deep relationship with our clients and understand their needs and goals. The planning process is integral to investment allocation decisions.

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