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.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.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 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.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.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.This milestone birthday is 65, with numbered candles sitting on top of a three-tiered cake. The text reads, Age 65: Happy 65th Birthday! It's time to sign up for Medicare coverage.This milestone birthday is 65, with numbered candles sitting on top of a three-tiered cake. The text reads, Age 65: Happy 65th Birthday! It's time to sign up for Medicare coverage.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.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.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 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

The Facts About Income Tax

The Facts About Income Tax

Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you.

Understanding ETFs: Building Blocks of Modern Investing

Understanding ETFs: Building Blocks of Modern Investing

Educational ETF infographic explaining benefits, types & mechanics. Features current statistics and citations.

The Cost of Procrastination

The Cost of Procrastination

Don't let procrastination keep you from pursuing your financial dreams and goals.

 

Have A Question About This Topic?


Thank you! Oops!

What's So Great About a Rollover?

Making a career move requires tough decisions, not the least of which is what to do with the funds in your retirement plan.

Succeeding at Business Succession

There are a number of reasons for business owners to consider a business succession plan sooner rather than later.

What Is a 1035 Exchange?

1035 exchanges provide a way to trade-in an annuity contract or life insurance policy without triggering a tax liability.

View all articles

How Long Will My Savings Last If I Become Disabled?

See how long your current savings might last if a disability interrupted your income.

Long-Term-Care Needs

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

Social Security Tax Estimator

Estimate how much of your Social Security benefit may be subject to federal income tax.

View all calculators

Leaving Your Lasting Legacy

Want to do more with your wealth? You might want to consider creating a charitable foundation.

Dreaming Up an Active Retirement

When you retire, how will you treat your next chapter?

Bursting the Bubble

Tulips were the first, but they won’t be the last. What forms a “bubble” and what causes them to burst?

View all videos