Important Birthdays Over 50

Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last.

When you are older, “and-a-half” birthdays start making a comeback. In fact, starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications regarding your retirement income. To learn more about the impact your upcoming birthdays can have on your overall retirement, click on the button below and download our guide!

16

License holders who are 16 years old may not drive with more than one non-family passenger unless accompanied by a parent, guardian or legal custodian.

18

Individuals have the right to actively participate in the political decision-making process by choosing between competing people or ideas without fear or reprisal.

18

Individuals have the right to actively participate in the political decision-making process by choosing between competing people or ideas without fear or reprisal.

50

Workers in certain qualified retirement plans are able to begin making annual catch-up contributions in addition to their normal contributions.

Listen To The Retirement Minute: Why 50 Is An Important Age.

55

If you separate from service in or after the year you turn age 55 and have a qualified plan at the job you left, you may be able to take distributions from the Retirement Plan penalty-free. Be warned the strategy does not work if you move your qualified plan to an IRA or other employer plan.
Listen To The Retirement Minute: Why 55 Is An Important Age.

55

If you separate from service in or after the year you turn age 55 and have a qualified plan at the job you left, you may be able to take distributions from the Retirement Plan penalty-free. Be warned the strategy does not work if you move your qualified plan to an IRA or other employer plan.
Listen To The Retirement Minute: Why 55 Is An Important Age.

59½

Workers are able to start making withdrawals from qualified retirement plans without incurring a 10% federal income-tax penalty.

Get Our Guide – Why 59 ½ Is An Important Age.

Listen To The Retirement Minute: Why 59 ½ Is An Important Age.

62

Workers are first able to draw Social Security retirement benefits. However, if a person continues to work, those benefits will be reduced. The Social Security Administration will deduct $1 in benefits for each $2 an individual earns above an annual limit.

Get Our Guide on Social Security.

Listen To The Retirement Minute: Why 62 Is An Important Age.

62

Workers are first able to draw Social Security retirement benefits. However, if a person continues to work, those benefits will be reduced. The Social Security Administration will deduct $1 in benefits for each $2 an individual earns above an annual limit.

Get Our Guide on Social Security.

Listen To The Retirement Minute: Why 62 Is An Important Age.

65

Individuals can qualify for Medicare. The Social Security Administration recommends applying three months before reaching age 65.

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Listen To The Retirement Minute: Why 65 Is An Important Age.

66-67

Individuals become eligible to receive 100% of their Social Security benefit. The age varies, depending on birth year.

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66-67

Individuals become eligible to receive 100% of their Social Security benefit. The age varies, depending on birth year.

Get Our Guide on Social Security.

72-73

Participants must begin taking required minimum distributions (RMDs) from traditional IRAs and qualified retirement plans, such as 401(k), 403(b), and 457 plans. RMDs are based on your account balance and life expectancy.

Get Our Guide on RMDs.

IMPORTANT DATES FOR THE YEAR

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