Nov 23, 2021
Do you ever get confused about all the different ages and dates surrounding retirement? Social Security ages, RMD ages, Medicare ages…. the list can go on! Dates and age triggers in our retirement system can be really perplexing. In this week’s episode, we clear up confusion and discuss some common misconceptions about important ages & dates in the retirement planning realm.
I began to give this some thought based on some recent experiences I have had during our annual strategy meetings with our clients, where there was some confusion on the SS start dates.
It dawned on me that the dates and age triggers in our retirement system are really baffling! And folks that don’t do this for a living and deal with these dates everyday like we do, can get easily confused.
And to add even more confusion… sometimes the federal government changes the age triggers such as we saw in 2020 regarding RMDS
So without further delay let get to our practical planning segment and clear up some of these things ………shall we?
Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So unless you’re a client I cant give you advice because I don’t know you. So think of this as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser , and your financial adviser………….right? that’s just common sense.
Age confusion!
Common misconceptions/confusion on different retirement ages. You know sometimes we forget that this is what we do every single day so we pay attention to the different dates and ages of various retirement topics, but most people don’t do this for a living and it’s very easy to get confused about specific retirement dates and retirement age is when it comes to different things like Social Security, required minimum distribution’s, early withdrawal’s,
(3:15) Confusion about age 70 1/2, and age 72 under the new SECURE ACT. RMD’s!
(5:00) RBD Date; required beginning date. April 1st year after you turn 72
(7:50) Confusion about age 59 1/2, age 55, and the 457b rule: 10% IRS penalty
(11:40) SS ages; 60, 62, FRA, age 70:
(18:30) AGE 50 This is the age that triggers many catch up contributions for various accounts
(22:00) Age 65 important things to know
Final Disclaimer:
“We appreciate you joining us today for this episode of The Fiscal Blueprint.
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Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!
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