“Taxing” Birthdays

We are always happy to answer your questions and help create a retirement income plan. Some of the following ages present special tax and investment issues

Age 50. Begin making catch-up contributions for your IRAs & other qualified retirement plans.

Age 55. Penalty-free distributions may be taken from 401(k) plans, if retired.

Age 59 ½. Penalty-free distributions may be taken from IRAs and qualified plans and from Roth IRAs if the account has been open at least five years.

Age 62. Although the amount will be reduced, you may apply for early Social Security benefits under your own earnings record.

Age 65. Three months before your birthday, complete application for Medicare benefits unless covered by a group plan.

Age 66. Full retirement age for unreduced Social Security benefits.

Age 70. Maximum full retirement age for maximum Social Security benefits.

Age 70 ½. Must begin required minimum distributions (RMDs) from your IRA accounts.

Call us at 978-777-5000 and schedule a meeting to discuss your situation and get answers to your questions.