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Happy Legislative Birthday!

Between the ages of 50 and 72, some birthdays afford the ideal timing for financial planning opportunities! Learn more about these below!

Age: 50 Photo

Age: 50

At age 50, you may make "catch-up" contributions to 401(k), 403(b), and 457(b) plans, as well as traditional IRAs, SIMPLE 401(k) plans, and SIMPLE IRAs.

This is an ideal time to make waves in your retirement planning. 

Make sure you talk to us about appropriate contributions you can make to maximize your retirement potential.

Age: 55 Photo

Age: 55

At age 55 (or older if you continue to work after 55), distributions may be taken from your employer-sponsored 403(b), without incurring the 10% withdrawal penalty. 

Let's make sure we take advantage of this window, provided it fits within your plan, by having a conversation about your employer sponsored account soon!

Age 59 1/2 Photo

Age 59 1/2

At Age 59 1/2, within your plan requirements, you may start taking distributions without the 10% withdrawal penalty on early distributions.

If you have questions about early distributions, our team is always happy to help!

Age: 62 Photo

Age: 62

At age 62, you are eligible to start taking social security retirement benefits.

Be aware taking this benefit at this age can result in a reduced income payment. If you have questions, or think you may want to take your benefits starting this year, please reach out to your advisor to make sure it fits your goals and overall financial plan. 

Age: 65 Photo

Age: 65

Bookending your 65th birthday, you have 3 months before and after the month of your birthday to enroll in Medicare without a permanent penalty. If you ware already receiving Social Security Benefits, you may be automatically enrolled. 

You can find more information at medicare.gov or give us a call!

Age: 70 Photo

Age: 70

Delaying Social Security, in order to maximize your benefit ends at 70. 

Your benefits should be claimed this year. If you're not ready to retire, there are important tax implications to consider with your advisor, so be sure to give us a call or schedule a meeting so we can update your goals and financial plan. 

Age: 72 Photo

Age: 72

RMD - Required Minimum Distributions can be a confusing mouthful when you see it for the first time. Now that you're 72, you're going to become very familiar with this annual distribution requirement from the IRS. You generally must begin taking Required Minimum Distributions from your tax-deferred retirement accounts by April 1st of the year after you turn 72.

Good thing you've got your Full Circle Financial team monitoring this with you -- the penalty is 50% if you miss the requirement!

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