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: , |

Share This Story, Choose Your Platform!

This material is provided for informational purposes only. The information contained herein should not be construed as the provision of personalized investment advice. Information contained herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security. Past performance is no guarantee of future results. Investing in the stock market involves the risk of loss, including loss of principal invested, and may not be suitable for all investors. This material contains certain forward-looking statements which indicate future possibilities. Actual results may differ materially from the expectations portrayed in such forward-looking statements. As such, there is no guarantee that any views and opinions expressed in this material will come to pass. Additionally, this material contains information derived from third party sources. Although we believe these sources to be reliable, we make no representations as to the accuracy of any information prepared by any unaffiliated third party incorporated herein, and take no responsibility therefore. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change without prior notice. For additional information about CTS Financial Planning, Inc. and the material posted on this website, please review our Important Disclosures.

Recent Posts

Tags

401(k) aging parents AI alternative energy alternative investments artificial intelligence carbon footprint chicago college education CPI debt economy environment estate planning Fed financial financial planning financial strategy gifting income tax brackets income taxes Inflation insurance Interest Rates investing investment legacy planning longevity markets market volatility monthly market update net zero emissions PPI retirement retirement planning risk risk management sandwich generation social security sustainability taxes Trump wealth management wealth transfer women

Archives