Important Retirement Milestones

When it comes to retirement – more and more people are retiring later because they have to. There are many people that have failed to realize the importance of saving for retirement and the money received from pension plans and/or social security are simply not enough to cover the costs of their lifestyle in the absence of a paycheck. There is a timeline that has come to be associated with retirement and it is as follows:

50
At the age of fifty you can begin adding more to the various retirement funds as part of “catch up plans”.

59 ½
At this age you can withdraw money from the retirement fund without penalties, but it is important to remember that taxes must still be paid on this money.

62
At this age, individuals are eligible to receive social security benefits.

70 ½
At this age, it is often required to begin making withdrawals from the retirement savings account to ensure that you are making use of the money. In many plans, if you do not make withdrawals by this age, you are charged penalties in the amounts that have been invested.

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