Get a better handle on estimating the replacement income you'll need in retirement.
|When you reach age...||You Can...|
(a) Make your first catch-up contributions to your qualified retirement plans.
(b) Collect Social Security survivor benefits for disabled survivors.
|59 1/2||No penalty- Withdraw money from your qualified retirement plans without incurring a withdrawal penalty.|
|60||Widows and widowers - Collect Social Security survivor benefits for nondisabled survivors|
|62||Early-bird benefits - Collect Social Security benefits if not widowed or disabled. These benefits increase for each month you wait to start collecting, until you turn 70.|
(a) Enroll in Medicare in the seven-month window that starts three months before the month of your birthday and lasts through the three months after.
(b) Higher deduction- Claim a higher standard federal income tax deduction than younger tax payers.
|66||Normal retirement age - If born between 1943 and 1954, collect Social Security benefits if not widowed or disabled without early retirement reductions. Monthly checks increase each month you wait to collect, until age 70.|
|70||Time to collect - Collect Social Security benefits if you have not already started. Benefits have reached their maximum potential, so delaying only costs you money.|
|70 1/2||Mandatory RMDs - Take the required minimum distributions (RMDs) from your tax-advantaged retirement accounts, such as 401(k)s and traditional IRAs.|
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