Baby Boomer Milestones
If you are working with baby boomers, it’s always a good idea to educate and prepare them for some of their “aging” milestones, including:
- Age 59½. May start taking penalty-free withdrawals from IRAs and qualified plans as long as certain conditions are met.
- Age 62. Eligible to start collecting Social Security benefits, although the benefit will be reduced by up to 30%.
- Age 65. Time to enroll in Medicare. To obtain coverage at the earliest date, enrollment should occur two to three months before turning age 65.
- Age 70½. Must take required minimum distributions from most tax-deferred retirement plans or face a 50% penalty on the amount that should have been withdrawn.
Timely personal contact regarding these dates and circumstances will always be appreciated.