Retirement Roadmap Infographic...Retirement Roadmap Infographic Age 50 Age 55 Age 62 Age 65 Age 70...
Transcript of Retirement Roadmap Infographic...Retirement Roadmap Infographic Age 50 Age 55 Age 62 Age 65 Age 70...
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%
2
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.