My Smart Retirement

As you approach retirement you may notice some milestone birthdays coming up. What important ages do you need to mark on your calendar? On today’s show, we’ll break down some key birthdays that will impact your retirement plan. Age 50 Once you turn the big 5-0 you are eligible to start saving through catch-up contributions. This valuable tool is important if you feel behind on your retirement plan. You’re entering the final stretch of retirement and being able to save a bit more is always helpful. Age 55 If you have a retirement account with your employer and decide to leave that position you can withdraw early from that account without penalty. Keep in mind though, it’s only the 401(k) with that employer that's eligible and it will be taxed. Age 59 ½ At this age, you can start taking from any retirement account without penalty. You can do a lot of planning during this time and move money around or start taking that money out to live on. Age 62 Many people watch this age closely as it is the earliest you can