Between 50 and 72, there are significant birthdays that can impact your retirement finances.
These age-based milestones can help you grow your retirement nest egg, avoid financial penalties, withdraw your retirement funds early, and more!
In this episode, Jim Kruzan, CFP®, CRPC®, highlights seven legislative birthdays that every retiree or soon-to-be retiree should circle on their calendars. By the episode’s end, you’ll realize why planning your retirement cash flows is crucial before these milestones creep up on you!
Jim discusses:
- Benefits of turning 50, including catch-up contributions and early retirement for qualified public safety workers.
- How to make penalty-free withdrawals at 55 and 59.5 (from eligible plans)
- The difference between taking Social Security at 62, 70, and anywhere in between
- Medicare’s 7-month enrollment window to avoid penalties
- The impact of Secure Act 2.0 on the required minimum distribution age
- And more
Resources:
- The 5 Most Important Questions to Ask a Financial Advisor Before Hiring Them
- 7 Common Retirement Planning Mistakes (And How To Avoid Them)
- Start Designing Your Bigger Bolder Retirement
- Top 5 Social Security Filing Mistakes to Avoid (Ep. 14)
- Medicare 101: The Ultimate Guide (Ep. 16)
- 401(k) and IRA Contributions Limits
- Exceptions to Tax on Early Distributions
- Catch-Up Contributions
- 72(t) Substantially Equal Periodic Payments
- The Rule of 55
- IRA FAQ’s – Distributions
- Medicare.gov
- Social Security Benefits
- Required Minimum Distributions
- Secure Act 2.0
Connect with Jim Kruzan:
