Retirement Roadmap Infographic...Retirement Roadmap Infographic Age 50 Age 55 Age 62 Age 65 Age 70...

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Retirement Roadmap Infographic Age 50 Age 55 Age 62 Age 65 Age 70 Age 59 1 / 2 Age 70 1/2 or 72 Age 62 Social Security Eligibility Begins At age 62, you may be eligible to receive Social Security tool to use as we work together and develop your Age 50 by employer) to their Employer- sponsored qualified retirement plan. 1 Age 55 Penalty-Free 401(k) Zone the usual 10% federal tax penalty on early Age 65 Medicare Eligibility Begins As you may know, Medicare is federal health insurance for people 65 or older Age 70 Age 70 1/2 or 72 At this age, you must start taking your annual required minimum IRA. Take note that RMDs are taxed as ordinary income. What is the Full Retirement Age (FRA) for Social Security? Age 59 1/2 Penalty-Free Qualified Retirement Accounts Zone Once you hit this half birthday, you may take distributions or are tax-free and penalty-free if any Roth account has been Most employer-sponsored retirement accounts have the same rules as their Traditional or Roth counterparts. Year of Birth 1937 65 36 $800 20.00% $375 or earlier 1938 65 and 2 38 $791 20.83% $370 months 1939 65 and 4 40 $783 21.67% $366 months 1941 65 and 8 44 $766 23.33% $358 months 1956 66 and 4 52 $733 26.67% $341 months 1943- 66 48 $750 25.00% $350 1954 1958 66 and 8 56 $716 28.33% $333 months 1960 67 60 $700 30.00% $325 & later 1940 65 and 6 42 $775 22.50% $362 months 1955 66 and 2 50 $741 25.83% $345 months 1942 65 and 10 46 $758 24.17% $354 months 1957 66 and 6 54 $725 27.50% $337 months 1959 66 and 10 58 $708 29.17% $329 months Full (normal) Age (FRA) Months between age 62 and full age A $1,000 would be reduced to A $500 spouse’s would be reduced to The reduced by The spouse’s reduced by 25.00% 25.83% 26.67% 27.50% 28.33% 29.17% 30.00% 30.83% 31.67% 32.50% 33.33% 34.17% 35.00% 2 Simplicity Wealth and Bond Financial Group are not affiliated or endorsed by the Social Security Administration or any other government agency. 1) https://www.irs.gov/retirement-plans/plan-participant- employee/retirement-topics-401k-and-profit-sharing- plan-contribution-limits 2) https://www.irs.gov/taxtopics/tc558.html Impact of Filing At Age 62 Instead of At FRA 201 2020 contribute up to $19,500 PLUS up to $6,500 If you were at least 70 1/2 years old on December 31, 2019, you must begin taking your RMDS by 70 1/2; otherwise, you must start at age 72.

Transcript of Retirement Roadmap Infographic...Retirement Roadmap Infographic Age 50 Age 55 Age 62 Age 65 Age 70...

Page 1: Retirement Roadmap Infographic...Retirement Roadmap Infographic Age 50 Age 55 Age 62 Age 65 Age 70 Age 59 1/2Age 70 1/2or 72 Age 62 Social Security Eligibility Begins At age 62, you

Retirement Roadmap

Infographic

Age 50

Age 55

Age 62

Age 65

Age 70

Age 59 1/2

Age 70 1/2or 72

Age 62Social Security Eligibility BeginsAt age 62, you may be eligible to receive Social Security

tool to use as we work together and develop your

Age 50

by employer) to their Employer- sponsored qualified retirement plan.1

Age 55Penalty-Free 401(k) Zone

the usual 10% federal tax penalty on early

Age 65Medicare Eligibility Begins

As you may know, Medicare is federal health insurance for people 65 or older

Age 70

Age 70 1/2 or 72

At this age, you must start taking your annual required minimum

IRA. Take note that RMDs are taxed as ordinary income.

What is the Full Retirement Age (FRA) for Social Security?

Age 59 1/2 Penalty-Free Qualified Retirement Accounts Zone Once you hit this half birthday, you may take distributions or

are tax-free and penalty-free if any Roth account has been

Most employer-sponsored retirement accounts have the same rules as their Traditional or Roth counterparts.

Year of

Birth

1937 65 36 $800 20.00% $375 or earlier

1938 65 and 2 38 $791 20.83% $370 months

1939 65 and 4 40 $783 21.67% $366 months

1941 65 and 8 44 $766 23.33% $358 months

1956 66 and 4 52 $733 26.67% $341 months

1943- 66 48 $750 25.00% $350 1954

1958 66 and 8 56 $716 28.33% $333 months

1960 67 60 $700 30.00% $325 & later

1940 65 and 6 42 $775 22.50% $362 months

1955 66 and 2 50 $741 25.83% $345 months

1942 65 and 10 46 $758 24.17% $354 months

1957 66 and 6 54 $725 27.50% $337 months

1959 66 and 10 58 $708 29.17% $329 months

Full(normal)

Age(FRA)

Monthsbetween age

62 and full

age

A $1,000

would be reduced to

A $500 spouse’s

would be reduced to

The

reduced by

The spouse’s

reduced by

25.00%

25.83%

26.67%

27.50%

28.33%

29.17%

30.00%

30.83%

31.67%

32.50%

33.33%

34.17%

35.00%

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Gene BondBond Financial Group

www.bondfinancialgroupms.com601-707-9480

574 Highland Colony Parkway, Suite 320-PRidgeland, MS 39157

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, an SEC Registered Investment Advisor. Insurance, Consulting and Education services offered through Bond Financial Group. Bond Financial Group and Simplicity Wealth are separate and unaffiliated entities. Simplicity Wealth and Bond Financial Group are not affiliated or endorsed by the Social Security Administration or any other government agency.

1) https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

2) https://www.irs.gov/taxtopics/tc558.html

Impact of Filing At Age 62 Instead of At FRA

2012020 contribute up to $19,500 PLUS up to $6,500

If you were at least 70 1/2 years old on December 31, 2019, you must begin taking your RMDS by 70 1/2; otherwise, you must start at age 72.