When you think of certain important dates or ages, you generally think of birthdays, anniversaries, special moments, etc. However, as you get older and get into your pre-retirement and retirement years, some other dates and ages become very important. In fact, these dates may even become more important than birthdays and anniversaries as missing them or not understanding what happens at these times can have a severe impact on your retirement.
Most people work extremely hard during their lifetime to build a nest egg that will take care of them in retirement. Part of building your nest egg is the proper understanding and planning around some key dates. The key dates and ages related to retirement that we are talking about here are age 21, age 50, age 55, age 59 ½ , age 62, ages 62 to 65, ages 65 to 67, age 70 and age 70 ½ .
All of these ages represent a very important time related to some type of retirement issue, like contributions, Social Security, Medicare, required minimum distributions, etc. Most of these ages require some type of action that needs to be taken which will affect your retirement in some way. For example, are you sure you understand when you can access money out of a retirement plan without penalty, or when you can make as much money as you want without losing Social Security benefits?
To make the most of your retirement benefits, you need to understand what all of these key ages mean and all the issues and options that each age entails. To get educated and learn more about these key ages and the importance behind each one in great detail, visit The Prepare Institute website (www.theprepareintitute.org) to find an upcoming education retirement course in your area.
Content is for educational and informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should contact your retirement and tax professional before utilizing any of the information in this article.