Important Birthdays Over 50

Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last.
When you are older, “and-a-half” birthdays start making a comeback. Starting at age 50, several birthdays and “half-birthdays” are critical because they have implications regarding your retirement income.

To learn more about the impact your upcoming birthdays can have on your overall retirement download our free guide.

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Birthdays Over 50 Worth Celebrating

Before you start planning for retirement, make sure you put these relevant dates in your calendar. Beginning at 50 years old, there are several birthdays that are essential to be aware of as they can influence your retirement timeline and overall financial plan.

50
Big 5-0!
Workers in certain qualified retirement plans are able to begin making annual catch-up contributions in addition to their normal contributions.
55
55 Alive
Age 55 – If you separate from service in or after the year you turn age 55 and have a qualified plan at the job you left you may be able to take distributions from the Retirement Plan penalty free. Be warned the strategy does not work if you move money to an IRA.
59½
No Penalty
Workers are able to start making withdrawals from qualified retirement plans without incurring a 10% federal income-tax penalty.
62
SSA
Workers are first able to draw Social Security retirement benefits. However, if a person continues to work, those benefits will be reduced. The Social Security Administration will deduct $1 in benefits for each $2 an individual earns above an annual limit.
65
Medicare
Individuals can qualify for Medicare. The Social Security Administration recommends applying three months before reaching age 65.
65
RMDs
Participants must begin taking required minimum distributions (RMDs) from traditional IRAs and qualified retirement plans, such as 401(k), 403(b), and 457 plans. RMDs are based on your account balance and life expectancy.
65-67
One Hundred Percent
Individuals become eligible to receive 100% of their Social Security benefit. The age varies, depending on birth year.

Feel free to reach out to us at Floyd Financial for personalized guidance on your financial journey.

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