Every age is a gift.
Milestone birthdays offer a reminder that time passes quickly and the future is at our doorstep. They may cause you to think more about your health or to take a renewed interest in your bucket list. If you’re approaching an age-related milestone, there are also some important financial considerations to take into account, such as:
- Age 50: Make catch-up contributions to IRAs or other qualified retirement plans
- Age 55: In some cases, take distributions from your 401(k) plan without penalty if you’ve retired
- Age 59.5: Take distributions from your IRAs without penalty
- Age 62 – 70: Apply for your Social Security benefits
- Age 65: Apply for Medicare
- Age 70.5: Begin taking Required Minimum Distributions (RMDs) from your IRAs or your employer retirement plan
FAI Wealth Management can develop a plan for your wealth that addresses your age and your goals, so you can be right where you want to be at every milestone and every year in between.