There are some key ages for seniors.
I collected these so I could add them to my calendar program for reminders;
-- 50
$6,500 (max) contribution to IRAs details ?!?
Some 401(k) plans allow ‘catch-up’ contributions up to $5,500 ($24,000?)
-- 55 +
You may retire and withdraw from 401(k) w/o penalty - there are many details
Can contribute up to $4,400 to HSA
-- 59 1/2
IRA withdrawal w/o penalty (but taxed as income)
401(k) withdrawal w/o penalty if retired
Some 401(k)s allow withdrawal w/o penalty if working
-- 60 +
Free Tax help Jan - Apr Tax Counseling for the Elderly program
-- 62
You CAN claim social security - but prob should NOT see below
-- 64 & 10 Mo
Medicare Enrollment Period begins until you are 65 & 3 mos See below
-- 65
Enrolled in Medicare
If you’ve worked at least 10 years and qualify for premium-free Medicare Part A, you’ll be automatically enrolled in Part A when you turn 65*
You will automatically be enrolled in Medicare (Part A and B - Original Medicare) if you are receiving Social Security* retirement benefits
-- 66 +
‘Full’ <sic> social security benefit age ‘full’ is a LIE, 70 is age of fullist benefit
the exact age changes by months for 2021 - 26
you can temporarily suspend your Social Security payments, which allows you to earn delayed retirement credits that will increase your Social Security benefit by 8 percent for each year
Higher std tax deduction (even after '18 tax changes??)
Higher tax-file threshold “ ”
Possible property tax breaks “ ”
Tax credit for low income “ ”
-- 67
‘Full’ <sic> social security benefit age for those born after ‘59
-- 70
The Maximum (the REAL ‘full’) SS benefit age
you will get 32 percent MORE than your ‘full’ benefit if you wait until age 70!! You will also collect any annual cost-of-living adjustments.
-- 70 1/2
You are REQUIRED to withdraw from (take distribution) 401(k) & IRA (except ROTH IRA)
Possible exception if you are working(?)
Amount based on life expectancy
50% penalty if not done!
-- 85
This is a standard date at which payments begin for longevity annuities.*
Did I miss any?
HipG
I collected these so I could add them to my calendar program for reminders;
-- 50
$6,500 (max) contribution to IRAs details ?!?
Some 401(k) plans allow ‘catch-up’ contributions up to $5,500 ($24,000?)
-- 55 +
You may retire and withdraw from 401(k) w/o penalty - there are many details
Can contribute up to $4,400 to HSA
-- 59 1/2
IRA withdrawal w/o penalty (but taxed as income)
401(k) withdrawal w/o penalty if retired
Some 401(k)s allow withdrawal w/o penalty if working
-- 60 +
Free Tax help Jan - Apr Tax Counseling for the Elderly program
-- 62
You CAN claim social security - but prob should NOT see below
-- 64 & 10 Mo
Medicare Enrollment Period begins until you are 65 & 3 mos See below
-- 65
Enrolled in Medicare
If you’ve worked at least 10 years and qualify for premium-free Medicare Part A, you’ll be automatically enrolled in Part A when you turn 65*
You will automatically be enrolled in Medicare (Part A and B - Original Medicare) if you are receiving Social Security* retirement benefits
-- 66 +
‘Full’ <sic> social security benefit age ‘full’ is a LIE, 70 is age of fullist benefit
the exact age changes by months for 2021 - 26
you can temporarily suspend your Social Security payments, which allows you to earn delayed retirement credits that will increase your Social Security benefit by 8 percent for each year
Higher std tax deduction (even after '18 tax changes??)
Higher tax-file threshold “ ”
Possible property tax breaks “ ”
Tax credit for low income “ ”
-- 67
‘Full’ <sic> social security benefit age for those born after ‘59
-- 70
The Maximum (the REAL ‘full’) SS benefit age
you will get 32 percent MORE than your ‘full’ benefit if you wait until age 70!! You will also collect any annual cost-of-living adjustments.
-- 70 1/2
You are REQUIRED to withdraw from (take distribution) 401(k) & IRA (except ROTH IRA)
Possible exception if you are working(?)
Amount based on life expectancy
50% penalty if not done!
-- 85
This is a standard date at which payments begin for longevity annuities.*
Did I miss any?
HipG
