Every kind of retirement benefit will have a separate eligibility age and your age can play a big role in how much you will be able to get from social security and what you’d need to do to avoid retirement account penalties. Consider these important ages in your retirement plan to make sure that you are aware of these milestones.
- Medicare eligibility starts at age 65
- At age 62 you can start to receive social security payments, although some people wait longer
- Attempt to max out your retirement accounts younger than age 49
- Leverage the benefits associated with catch up contributions starting at age 50
- Contact your 401(k) company as your withdrawal age might be 55
- Retirement age for your IRA is 59 and a half
- Full retirement age for social security is age 67 for younger generations, although it is 66 for most baby boomers
- You may be able to maximize what you take from social security payments if you delay claiming these until age 70
Having a team of financial professionals including an estate planning lawyer can help you to accomplish many of the most important goals and ensure that you are on track for a solid retirement. If you are curious about how to match your retirement with your estate planning intentions, speak to an estate planning attorney today.