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Baby Boomer Milestones

It’s always a good idea to educate and prepare baby boomers for some of their “aging” milestones.

October 27, 2016

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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:

  1. Age 59½. May start taking penalty-free withdrawals from IRAs and qualified plans as long as certain conditions are met.
  2. Age 62. Eligible to start collecting Social Security benefits, although the benefit will be reduced by up to 30%.
  3. 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.
  4. 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minimum distributions from most tax-deferred retirement plans or face a 50% penalty on the amount that should have been withdrawn.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.