Retirement Tips for Those Over 50

In a new Forbes article, retirement consultant Judith Ward has some reminders for anyone over age 50. Even if you’re not planning to retire any time soon, there are steps to take at certain ages that you need to be aware of. Ward lists the following dates to keep in mind:

  • Age 50 (or older): You can make “catch-up” contributions to your 401(k) and IRA.
  • Age 55 (or older): You can access money from your 401(k) penalty-free if you are age 55 or older and no longer working.
  • Age 59½: You are eligible to make penalty-free withdrawals from your IRA.
  • Age 65: Be sure to apply for Medicare, or you may be penalized.
  • Age 70: If you haven’t claimed Social Security, it’s time to start, since your benefit isn’t going to increase from this point on.
  • Age 70½: Begin taking withdrawals known as required minimum distributions (RMDs) from most retirement accounts.

To read more, see the article from Forbes magazine. If you have questions about planning for your retirement, one of our CPAs can help.