Milestone Ages

Early this month I turned 43.  Not a very exciting age, but I’m certainly thankful for good health and another year of life!

There are plenty of other ages that from a financial planning point of view are worth attention.

Below I’ve put together a list of some of the key ages and the opportunities that are opened up by reaching them.

• Birth
  • Named as beneficiary of 529 plan account and owner of UTMA/UGMA accounts
• 18 – 21
  • Age of majority in most states
  • Age of termination for some UGMA and UTMA accounts
• 50
  • Eligible to make catch-up contributions to retirement accounts [e.g., IRA 401(k), 403(b), 457]
  • Eligible for Social Security benefits as disabled widows/widowers
• 55
  • Eligible to make catch-up contributions to HSA
  • Eligible for penalty exceptions for certain withdrawals from retirement accounts
• 59 ½
  • Eligible to withdraw from IRAs without 10% early distribution penalty
• 60
  • Eligible to claim Social Security survivor benefits as a widow/widower
      (early, at a reduced rate)
• 62       
  • Eligible to claim Social Security survivor benefits (early, at a reduced rate)
  • Eligible to qualify for a reverse mortgage
• 64 + 9 Months
  • Start of Initial Enrollment Period for Medicare
• 65
  • Eligible for coverage under Medicare (assuming timely application)
  • Eligible for non-medical withdrawals from HSA without penalty
• 66
  • Full Retirement Age if born between 1943-54
• 66 + 2 Months
  • Full Retirement Age if born in 1955
• 66 + 4 Months
  • Full Retirement Age if born in 1956
• 66 + 6 Months
  • Full Retirement Age if born in 1957
• 66 + 8 Months
  • Full Retirement Age if born in 1958
• 66 + 10 Months
  • Full Retirement Age if born in 1959
• 67
  • Full Retirement Age if born in 1960 or later
• 70
  • Maximum Social Security benefit is reached
• 70 ½
  • Eligible to make a Qualified Charitable Distribution
• 73
  • Required Minimum Distribution Age

If I were to add another age it would be 100.  Why?  Because that’s quite an accomplishment and at the very least someone should budget for a big party!

Whatever your age, be mindful of what’s ahead and what opportunities are opening up.

Any opinions are those of Landon Vick and not necessarily those of RJFS or Raymond James. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete; it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decisions.

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