3244 Brookside Rd 
Suite 140 
Stockton, CA 95219

Retirement

8 Financial Milestone Birthdays

This infographic is composed of 9 images with accompanying text. The images are stacked vertically with the text surrounded by birthday-invitation themed backgrounds. The text at the very top reads 8 Financial Milestone Birthdays. The text underneath reads: Get ready to celebrate your Financial Birthdays! Starting at age 50, these birthdays will become a big part of your financial journey.This infographic is composed of 9 images with accompanying text. The images are stacked vertically with the text surrounded by birthday-invitation themed backgrounds. The text at the very top reads 8 Financial Milestone Birthdays. The text underneath reads: Get ready to celebrate your Financial Birthdays! Starting at age 50, these birthdays will become a big part of your financial journey.The second image features a two-tiered cake with the number 50 as candles on the top, and is surrounded by balloons. The text reads Age 50: Turning 50 makes you eligible for catch-up contributions to retirement accounts.The second image features a two-tiered cake with the number 50 as candles on the top, and is surrounded by balloons. The text reads Age 50: Turning 50 makes you eligible for catch-up contributions to retirement accounts.This image features a two-tiered strawberry shortcake with the number 55 as candles on top of the cake. The cake is surrounded by party hats and streamers. The text reads: Age 55: At age 55, you can contribute more to Health Savings Accounts (HSAs).This image features a two-tiered strawberry shortcake with the number 55 as candles on top of the cake. The cake is surrounded by party hats and streamers. The text reads: Age 55: At age 55, you can contribute more to Health Savings Accounts (HSAs).This slide shows a cake with the number 59 and a half on top. The cake is surrounded by presents and confetti. The text reads: Age 59 and a half: It's your financial 'half' birthday! At 59 and a half, you can make penalty-free withdrawals from retirement plans.This slide shows a cake with the number 59 and a half on top. The cake is surrounded by presents and confetti. The text reads: Age 59 and a half: It's your financial 'half' birthday! At 59 and a half, you can make penalty-free withdrawals from retirement plans.The numbers on top of this cake are 62, with a yellow banner above the cake. The text reads, Age 62: Turning 62 means you can draw (reduced) Social Security retirement benefits.The numbers on top of this cake are 62, with a yellow banner above the cake. The text reads, Age 62: Turning 62 means you can draw (reduced) Social Security retirement benefits.This milestone birthday is 65, with numbered candles sitting on top of a three-tiered cake. The text reads, Age 65: Happy 65th Birthday! It's time to sign up for Medicare coverage.This milestone birthday is 65, with numbered candles sitting on top of a three-tiered cake. The text reads, Age 65: Happy 65th Birthday! It's time to sign up for Medicare coverage.A cake topped with the numbers 67 sits among presents. The text reads, Age 67: You become eligible to receive 100% of your Social Security benefits at age 67.A cake topped with the numbers 67 sits among presents. The text reads, Age 67: You become eligible to receive 100% of your Social Security benefits at age 67.This image features a two-tiered cake in front of a yellow banner with the numbers 70 sitting on top. The text reads, Age 70: At age 70, you can maximize your Social Security benefits by delaying them.This image features a two-tiered cake in front of a yellow banner with the numbers 70 sitting on top. The text reads, Age 70: At age 70, you can maximize your Social Security benefits by delaying them.The second to the last image features a cake with the number 73 on top of it and surrounded by balloons. The text next to the cake reads Age 73: You've spent time investing, and now it's time to take your required minimum distributions (RMDs) from traditional IRAs and defined contribution plans.The second to the last image features a cake with the number 73 on top of it and surrounded by balloons. The text next to the cake reads Age 73: You've spent time investing, and now it's time to take your required minimum distributions (RMDs) from traditional IRAs and defined contribution plans.The final image slice is sources and disclosures for the infographic, and reads as follows: Sources: 1. Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). If you were to withdraw money from your HSA for a nonmedical reason, that money would become taxable income, and you would face an additional 20% penalty. After age 65, you can take money out without the 20% penalty, but it would still become taxable income. 2. SSA.gov, 2023 3. SSA.gov, 2023 4. Once you reach age 73, you must begin taking required minimum distributions (RMDs) from your 401(k) or any other defined contribution plan in most circumstances. Withdrawals from your 401(k) or any other defined contribution plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.he final image slice is sources and disclosures for the infographic, and reads as follows: Sources: 1. Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). If you were to withdraw money from your HSA for a nonmedical reason, that money would become taxable income, and you would face an additional 20% penalty. After age 65, you can take money out without the 20% penalty, but it would still become taxable income. 2. SSA.gov, 2023. 3. SSA.gov, 2023. 4. Once you reach age 73, you must begin taking required minimum distributions (RMDs) from your 401(k) or any other defined contribution plan in most circumstances. Withdrawals from your 401(k) or any other defined contribution plans are taxed as ordinary income and, if taken before age 59 and a half, may be subject to a 10% federal income tax penalty.
 

Related Content

The Utility of Sector Investing

The Utility of Sector Investing

Successful sector investing is dependent upon an accurate analysis about when to rotate in and out.

Inflation and the Real Rate of Return

Inflation and the Real Rate of Return

Learn about the role of inflation when considering your portfolio’s rate of return with this helpful article.

Estate Management Checklist

Estate Management Checklist

Is your estate in order? This short quiz may help you assess your overall strategy.

 

Have A Question About This Topic?


Thank you! Oops!

Your Shifting Risk Tolerance

Time and market performance may subtly and slowly imbalance your portfolio.

Tax Efficiency in Retirement

What role would taxes play in your investment decisions?

Capital Gains Tax When Selling Your Home

If your clients are buying or selling a home, use this to help them determine if they qualify for capital gains taxes.

View all articles

Credit Card Payoff

Find out how long it may take to pay off a credit card balance and what it costs in interest.

Roth 401(k) vs. Traditional 401(k)

Compare Roth and traditional 401(k) options to see which may work better for your situation.

What Rate Would I Need to Earn on My Savings?

Work backwards from your savings goal to find the rate of return you'd need to get there.

View all calculators

RE: Retirement

How does your ideal retirement differ from reality, and what can we do to better align the two?

16 Wall Street Cliches in 60 Seconds

Pundits say a lot of things about the markets. Let's see if you can keep up.

To Buy or Not to Buy

The decision whether to buy or rent a home may have long-term implications.

View all videos