Here are the milestones of Life’s Home Stretch that Guidents Guides help our clients navigate.
MILESTONE: If Retired & you have a 401(K), you may withdraw without an IRA Penalty.
STRATEGY: By age 55, you should be well on your path to retirement planning. At Guidents, we’ll work with you to complete your Retirement Income Plan while we still have at least 10 years to mature your plan.
STRATEGY: As we get cloer to retirement, extra opportunities for growing your retirement income become available at age 59.
AGE 59 1/2
MILESTONE: At Age 59 1/2, you can withdraw Tax-deferred assets with no IRA penalties.
MILESTONE: Time to get serious about your life with Social Security as a predictable source of your income as you grow older.
STATEGY: By age 61, we’ll help you understand the various Social Security claiming strategies based on your goals, health, marital status, etc.
MILESTONE: Age 62 is the earliest age to claim Social Security benefits (at a reduced rate) but based on your situation, it could pay you to wait!
STATEGY: Maximize your Social Security benefits to get the most from your lifetime of work and contributions. The age you decide to claim is CRITICAL and can cost you (or pay you) thousands of extra dollars.
MILESTONE: Age 64 is the time to visit with your Guidents Guide to discuss your health — including any existing health issues — and also to decide on the proper plan based on your income and health.
STATEGY: Medicare Health Insurance coverage will become a MAJOR part of your senior life. Best to plan an enroll properly and early to leverage the most benefit.
MILESTONE: Medicare Enrollment time! Medicare is government subsidized health insurance coverage for tax payers.
STATEGY: Select the appropriate Medicare supplement and drug plan for your needs.
MILESTONE: Full Retirement Age is the age at which you can begin to collect full Social Security retirement benefits with no reductions. The exact age you qualify depends on the year you were born.
STATEGY: The amount of Social Security income you receive continues until you die, so it’s important to maximize the total. You’ll still get cost-of-living adjustments and possibly higher benefits if you continue to work. Speak with a Guidents Guide.
MILESTONE: From your full retirement age, until you reach age 70, for every year you delay taking your Social Security benefits, those benefits will increase by 8%.
STATEGY: As part of a solid retirement income strategy, delaying your claim to benefits could mean thousands more per year! However, you’ll need to consider what other resources you have as well as your health situation..
MILESTONE: When you hit age 72, you’re required to take your Required Minimum Distributions (RMD) from your IRA account.
STATEGY: At 72, it’s required that you take a minimum amount of funds from your Individual Retirement Account(s) (IRA). How you use this money can be very beneficial to your future income and tax liabilities. We’re here to help.
Also, we can explain possible wealth transfer strategies during this distribution phase as part of your Guidents family legacy plan.