Our birthdays are age milestones and important in our life but there are also milestones for retirement. The first one is at age 59 1/2 when you are then able to get penalty free withdrawals from your traditional IRA and the same goes for Roth IRA owners, as long as you have owned it for five years or more.
At the age of sixty-two, you will run into the social security dilemma. At this time you will decide when to start claiming this income. If you claim at this age, you will lower your benefits by twenty-five percent and each year you wait, your benefits will grow by eight percent.
When you get to sixty-five, Medicare will then be a benefit of your and that just might be the best gift ever. But don’t miss the enrollment deadline. Then at seventy and a half, if you are a traditional IRA or 401 owner, minimum distributions are required. Be sure to start this two weeks before the deadline to make sure the transaction is done in time.