59 ½. Why is this age so important?

59 ½. Why is this age so important?

If you’re 59½ and believe you’re not financially equipped for retirement, there’s still hope. The IRS grants those at that age special allowances to help bolster their retirement savings.

As you approach your 60th birthday, significant milestones in your retirement and healthcare journey are on the horizon. At 59½, you can begin withdrawing from retirement accounts without incurring early withdrawal penalties, and you’re also eligible to contribute more to your IRA. In 30 months, you can claim Social Security benefits, and in 66 months, you’ll be eligible for Medicare. The decisions you make now regarding retirement savings, healthcare, and financial planning will shape your upcoming golden years.

For many nearing retirement, financial concerns are common, with many Americans falling short of having enough saved. However, at 59½, the IRS allows catch-up contributions to retirement plans, helping to boost savings. If your savings are lacking, it’s crucial to implement a disciplined savings plan, prioritizing saving over spending, and consider seeking advice from a financial professional to ensure your retirement accounts are optimized.

As you approach retirement, it’s also essential to plan for healthcare. At 60, your health may require more attention, and your financial strategies should consider this. Aging brings advantages, such as increased happiness, as you gain perspective on life’s ups and downs. Working with a financial advisor can help ensure that you enter retirement with confidence, making the most of your benefits and preparing for a fulfilling and comfortable future.

Learn more about how to build your retirement savings before it’s too late. http://bit.ly/59andahalf.

Published On: May 16, 2019|Categories: Resource Center|Tags: , |

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