On this episode of The Retirement Huddle podcast, Mark Howard explains some of the most important ages for retirement planning.
50 years old
From a retirement standpoint and an ability to save, you are eligible for catch-up contributions. You can put more into your 401k, IRA or Roth. They up them a little bit each year.
This year, they’re $6,500. Normally, you can only put in $5,500. A lot of people don’t realize they can do this.
55 years old
If you can leave your job or your job gas left you, you can begin taking money out of retirement without any penalty. You’ll still be taxed on it, though. This only applies to the account for the job that you left.
59.5 years old
This is a rule that a lot of people don’t realize. You can withdraw from qualified accounts without penalty. Once you’re 59.5, you’ve got a lot of freedom with wherever your money is.
You’re getting into that retirement red zone at 59.5, so it’s a really good time to get away from the 401k.
62 years old
It’s the magic age when you’re eligible for Social Security. It’s a hot topic right now and a huge political hot potato. Sometimes it makes sense to turn on your Social Security early, but a financial advisor can help you figure out what’s best.
Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.
[1:22] – 50 years old
[3:03] – 55 years old
[4:00] – 59.5 years old
[6:04] – 62 years old
[7:53] – 65 years old
[8:47] – 66 or 67 years old
[10:21] – 72 years old