Key Birthdays that Affect Your Retirement Benefits

LONGMEADOW, Mass. (Mass Appeal) – Birthdays may seem less important as you grow older, but beginning at age 59, there are several key birthdays that can affect your tax situation, health-care eligibility, and retirement benefits. Dylan Bond, the owner of Dylan Bond Financial Services,  shared more.

Bond Financial Services

175 Dwight Rd., Suite 301
Longmeadow

Key Birthdays

59½
— You can start taking penalty-free withdrawals from IRAs and qualified retirement plans as long as certain conditions are met. Ordinary income taxes generally apply to these distributions. (Withdrawals taken prior to age 59½ may be subject to a 10% federal income tax penalty.)

62 — You are eligible to start collecting Social Security benefits, although your benefit will be reduced by up to 30%. To receive full benefits, you must wait until “full retirement age,” which ranges from 65 to 67 depending on the year you were born.

65 — You are eligible to enroll in Medicare. Medicare Part A Hospital Insurance benefits are automatic for those eligible for Social Security. Part B Medical Insurance ­ben­efits are voluntary and have a monthly premium. To obtain ­coverage at the ­earliest possible date, you should generally enroll about two to three months before turning 65.1

70½ — You must start taking minimum distributions from most tax-deferred retirement plans or face a 50% penalty on the amount that should have been withdrawn. Annual required minimum distributions are calculated according to life expectancies determined by the federal government.

“Are You Prepared for 40 Years Without a Paycheck?”

Wednesday, March 19th at 6:00 P.M.
The Villa Rose
1428 Center St.
Ludlow

Monday, March 24th at 6:00PM
Wednesday, April 2nd at 6:00PM
Angelina’s Restaurant
555 Hazard Ave.
Enfield, CT

Complimentary Consultation:
No selling! A complimentary consultation is just that… a consultation. Our promise to you is no selling and no obligations. Take this as a chance to get a check up on your financial health. Call 1-800-664-1514 for more information.

For more information about Dylan’s upcoming Retirement Planning Seminars, or to make a reservation call (413) 754-4747 or visit BondFinancialServices.net.

Promotional consideration provided by Dylan Bond Financial Services.

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