Retirement

8 Financial Milestone Birthdays

This infographic is composed of 9 images with accompanying text. The images are stacked vertically with the text surrounded by birthday-invitation themed backgrounds. The text at the very top reads 8 Financial Milestone Birthdays. The text underneath reads: Get ready to celebrate your Financial Birthdays! Starting at age 50, these birthdays will become a big part of your financial journey.

The second image features a two-tiered cake with the number 50 as candles on the top, and is surrounded by balloons. The text reads Age 50: Turning 50 makes you eligible for catch-up contributions to retirement accounts.

This image features a two-tiered strawberry shortcake with the number 55 as candles on top of the cake. The cake is surrounded by party hats and streamers. The text reads: Age 55: At age 55, you can contribute more to Health Savings Accounts (HSAs).

This slide shows a cake with the number 59 and a half on top. The cake is surrounded by presents and confetti. The text reads: Age 59 and a half: It's your financial 'half' birthday! At 59 and a half, you can make penalty-free withdrawals from retirement plans.

The numbers on top of this cake are 62, with a yellow banner above the cake. The text reads, Age 62: Turning 62 means you can draw (reduced) Social Security retirement benefits.

A cake topped with the numbers 67 sits among presents. The text reads, Age 67: You become eligible to receive 100% of your Social Security benefits at age 67.

This image features a two-tiered cake in front of a yellow banner with the numbers 70 sitting on top. The text reads, Age 70: At age 70, you can maximize your Social Security benefits by delaying them.

The second to the last image features a cake with the number 73 on top of it and surrounded by balloons. The text next to the cake reads Age 73: You've spent time investing, and now it's time to take your required minimum distributions (RMDs) from traditional IRAs and defined contribution plans.

The final image slice is sources and disclosures for the infographic, and reads as follows: Sources: 1. Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). If you were to withdraw money from your HSA for a nonmedical reason, that money would become taxable income, and you would face an additional 20% penalty. After age 65, you can take money out without the 20% penalty, but it would still become taxable income. 2. SSA.gov, 2023 3. SSA.gov, 2023 4. Once you reach age 73, you must begin taking required minimum distributions (RMDs) from your 401(k) or any other defined contribution plan in most circumstances. Withdrawals from your 401(k) or any other defined contribution plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

he final image slice is sources and disclosures for the infographic, and reads as follows: Sources: 1. Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). If you were to withdraw money from your HSA for a nonmedical reason, that money would become taxable income, and you would face an additional 20% penalty. After age 65, you can take money out without the 20% penalty, but it would still become taxable income. 2. SSA.gov, 2023. 3. SSA.gov, 2023. 4. Once you reach age 73, you must begin taking required minimum distributions (RMDs) from your 401(k) or any other defined contribution plan in most circumstances. Withdrawals from your 401(k) or any other defined contribution plans are taxed as ordinary income and, if taken before age 59 and a half, may be subject to a 10% federal income tax penalty.

Related Content

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

The Anatomy of an Index

The S&P 500 represents a large portion of the value of the U.S. equity market, it may be worth understanding.

Key Money Moments: 4 Times You Should Talk to a Pro

Life happens fast, and your finances can take a backseat if you’re not careful. Is it time to check in with a financial professional? This infographic will help you examine your own financial situation and decide if it’s time to step up your financial game.

Have A Question About This Topic?

What to Look for in Personal Finance Apps

An increasing number have been developed to help individuals with their personal finances.

A Penny Saved is Two Pennies Earned

Here are some simple and inexpensive energy-saving tips that may help you save money.

Systematic Withdrawals in Retirement

Taking regular, periodic withdrawals during retirement can be quite problematic.

View all articles

Emergency Fund Calculator

Find out how large your emergency fund should be based on your monthly expenses.

How Much Home Can I Afford?

Estimate how much home may fit within your budget based on income and expenses.

Long-Term-Care Needs

Estimate potential long-term care costs and what coverage may help address them.

View all calculators

An Arm and a Leg

A visit to the hospital can be painful, for both your body and your wallet. Don't let it be more painful than it has to be.

Office:	(303) 376-6344
Office:	(970) 744-1887
Toll-Free:	(888) 418-2533
Fax:	(303) 600-7219