Jan

19

Retirement Planning - Important Dates

Posted by cameron

January 19, 2007 |

Below is a list of very important events by age for any retirement plan. I am certain there are others that pertain to certain individuals but these are the major ones. It is certain that some, but not all, will play a crucial part in your life going forward so plan carefully:

Your Age — Financial Event

55 ———- The earliest you can draw on a private pension.

591/2 —— Penalty free withdrawal of 401k & IRA.

62 ——— Earliest you can take your Social Security pension.

62 ——— Some companies offer medical insurance stipends.

643/4 —– Date you must apply for Medicare.

70 ——— Social Security pension is at its maximum if you haven’t taken it already.

701/2 —– Latest date you must start taking minimum withdrawals of your 401k & IRA.

80 ——– The age at which you start to earn more lifetime social security pension dollars if you start taking it at 70 vs taking it at 62.


Comments

1 Comment so far

  1. Dividend Money » On The Money Blogs on January 24, 2007 5:18 pm

    [...] Empty Nest gives us some important dates for Retirement Planning. [...]

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