Important Birthdays Over 50

Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last.

When you are older, “and-a-half” birthdays start making a comeback. In fact, starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications regarding your retirement income. To learn more about the impact your upcoming birthdays can have on your overall retirement, click on the button to the right and download our guide!

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DRIVE

16

License holders who are 16 years old may not drive with more than one non-family passenger unless accompanied by a parent, guardian or legal custodian.
VOTE

18

Individuals have the right to actively participate in the political decision-making process by choosing between competing people or ideas without fear or reprisal.
Big 5-0!

50

Workers in certain qualified retirement plans are able to begin making annual catch-up contributions in addition to their normal contributions.
Alive At 55!

55

Age 55 – If you separate from service in or after the year you turn age 55 and have a qualified plan at the job you left you may be able to take distributions from the Retirement Plan penalty free. Be warned the strategy does not work if you move money to an IRA.
And 1/2

59½

Workers are able to start making withdrawals from qualified retirement plans without incurring a 10% federal income-tax penalty. Get Our Guide - Why 59.5 Is An Important Age.
SSA!

62

Workers are first able to draw Social Security retirement benefits. However, if a person continues to work, those benefits will be reduced. The Social Security Administration will deduct $1 in benefits for each $2 an individual earns above an annual limit. Get Our Guide on Social Security.
HEALTH

65

Individuals can qualify for Medicare. The Social Security Administration recommends applying three months before reaching age 65. Get Our Guide on Social Security.
100%

65 to 67

Individuals become eligible to receive 100% of their Social Security benefit. The age varies, depending on birth year. Get Our Guide on Social Security.
RMD's

70½

Participants must begin taking required minimum distributions (RMDs) from traditional IRAs and qualified retirement plans, such as 401(k), 403(b), and 457 plans. RMDs are based on your account balance and life expectancy. Get Our Guide on RMDs.

Important Dates In 2019

January 1st: First day to contribute to a traditional and Roth IRAs and Simplified Employee Pension Plans (SEP) for the new year.

January 15th: Due date for quarterly estimated taxes for the fourth quarter of the previous year.

March 31st: Last day to enroll in Medicare to start coverage on July 1st to avoid a late enrollment fee. And, last day to submit claims for eligible medical expenses from the previous year for many flexible spending accounts (FSA) plans with a use-it-or-lose-it rollover rule.

April 1st: Last day to take first IRA required minimum distribution (RMD) without penalty.

April 15th: Last day to file income taxes or apply for an extension. Also, estimated taxes for Q1 are due. Also, this is last day to contribute to a traditional or Roth IRA, and a HSA for the previous year.

June 15th: Two month filing extension deadline for federal taxes, and last day to file income taxes for Americans living abroad.

June 17th: Estimated taxes for Q2 are due.

June 30th: Last day to submit a FAFSA application.

September 16th: Estimated taxes for Q3 are due.

September 30th: Last day to determine beneficiaries after an IRA owner’s death.

Between October 1st and November 1st: Employers announce the upcoming open enrollment period to choose your workplace benefits for the next year.

October 1st: Extended trust and estate taxes are due.

October 15th: End of six-month filing extension period for federal taxes. Also, last day to contribute to a SEP IRA for the self employed and self business owners.

December 15th: Affordable Care Act open enrollment ends.

December 31st: Last day to take RMDs from an IRA, 401(k), and inherited IRAs. Last day to set up most types of retirement accounts so contributions count for the current year. Also, last day for RMDs, itemized deductions, stocks, and gifts count for taxes for the current year.

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