The Basics of Insurance APIs
The term “milestone” is certainly appropriate when thinking about retirement. After all, saving and preparing ourselves for retirement is undoubtedly a marathon, not a sprint.
Whether you are just beginning your retirement planning journey, or are making the necessary adjustments along the way, there are several age-specific milestones to be aware of. Doing so will help ensure your golden years will be as bright as possible.
Crucial Retirement Milestones
Any age: Before any retirement savings begin, it is important to have an emergency fund established regardless of your age. Most financial experts agree having a 3 to 6 months of expenses saved should be your minimum goal. And the funds should only be kept in a safe and 100% liquid place such as a checking, savings, or money market account.
Before age 49 – According to Einstein, compounding interest is the 8th wonder of the world. Time-saving early in life will your nest egg grow faster than if trying to catch up later in life. Take advantage of any company matches in your 401(k) and maximize your contributions.
Age 50 – If your retirement savings is lagging behind, beginning at age 50 you are allowed to make “catch-up” contributions to your 401(k) and IRA. For 2021, you may make an additional $6,000 401(k) and $1,000 IRA deposit.
Age 55 – There is a small window between the age of 55 and 59½ where if you leave your job where you have your 401(k), you may begin taking withdrawals without a 10% penalty. Income tax will apply, however.
Age 59½ – The withdrawal penalty on IRAs ceases at this age. But be sure to plan on paying income taxes on the amount taken out.
Age 62 – This is when monthly social security payments become available. It is important to note, however, any payments taken before your full retirement eligibility age will be significantly reduced by up to 30%.
Age 65 – Medicare eligibility begins at the age of 65. For most individuals, sign up for Medicare Part A and B is automatic. But, if you are not receiving social security benefits at least 4 months before turning 65, signing up will be necessary.
Age 66 – If you were born between 1943 and 1965, congratulations! You now qualify for full social security benefits. When planning for retirement in your younger years, keep in mind social security will only replace about 40% of your pre-retirement income.
Age 66½ – If you weren’t lucky enough to be born during the golden age of musical theater, but were born between 955 – 1959, you will reach full retirement benefit eligibility six months later.
Age 67 – Those born between 1960 and after will reach full retirement age at 67. Just a mere six or twelve months later than older generations.
Age 70 – Waiting until age 70 to take your full retirement from social security will increase your monthly payment. The increase is 2/3rd of 1% of primary amount for every month you wait to take payment up to this age.
Age 70½ – The IRS eventually will want to get their take of all the tax-free savings you’ve enjoyed over the years. Beginning April 1 after you turn 70½, the IRS will calculate the minimum distribution you must withdraw to avoid their steep 50% penalty.
- Long-term Health Benefits of Physical Activity
- How to Trim Down Hidden Costs of Flying
- Best foods for hydration
- How to Experience Positive Aging (8 Tips)
- How to Improve Your Health: The 5 Main Aspects of Wellness
- How much should you actually have in savings?
- Are you underinsured for your circumstances?
- How to Maintain Our Body
- Enhancing Resilience as We Age
- The Body After 60: Overcoming Barriers to Exercise
- Tips to Consider when Selecting a Contractor
- The best herbs to grow for beginners
- Foods you had no idea you could freeze
- Is celebrating your 100th birthday no longer a dream?
- Medicare and Medicaid: Dual eligibility
- Summer Workouts for Your Dose of Vitamin D
- What’s Keeping You from Losing Weight?
- Music and Your Wellbeing
- Your NEW Social Security Statement
- How to Dispose of Unused Medications
- Smart Home Systems: Promoting a Comfortable Environment for Seniors
- Guide to Getting a Mortgage
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff
- What is Credit Health Insurance? (Copy)
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here's what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Does Uber Insurance Cover Passengers?
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year's Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- How Social Security Cost-of-Living Adjustments Affect Your Taxes
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- Keeping Your Health Insurance Affordable
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- 4 of the Best Ways to Stay Healthy this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- How Does Inflation Affect Life Insurance?
- Know the Benefits of Walking
- Do Brain Food Supplements Really Work?
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn't Right for You?
- 4 Tips for a Less Stressful Summer
- Veteran and Medicare Benefits Work Together
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- 7 Myths About Your Back Pain
- 5 Foods that Will Help Keep Your Mind Healthy
- Don’t Throw Away Those Used Coffee Grounds
- I’m 50 Years Old. Should I Keep My Life Insurance?
- How to Spot Government Imposters
- 5 Mistakes to Avoid When Buying a Life Insurance Policy
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Do I Need a Long-Term Care Plan?
- Senior Diet: To Meat or Not to Meat
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- How to Get Health Insurance if You’re a Freelancer
- Safety Tips for Driving in Winter
- Ways to Locate a Lost Life Insurance Policy
- Critical Times in Life that You Need Life Insurance
- Giving and Forgiving
- Why Buy Life Insurance on Children
- Things We Are Grateful for This Year
- What to Avoid When Switching to Medicare from the Public Health Exchange
- How to Host a Successful Virtual Holiday Party
- Is One of These Factors Keeping You from Seeking Life Insurance?
- Ben Franklin: Father of Modern Insurance
- Who Invented Insurance Anyway?
- Common Senior Micronutrient Deficiencies
- The Art of Aging Well
- Insure What? Celebrity Body Parts Insured
- Using HSAs In Your Retirement Planning
- 6 Strange Insurance Policies You Can Buy
- TIG Announcement
- How Valuable Is Cash Value Life Insurance?
- Mistakes You can Make When Exercising at Home
- Why You Should Never Lie to the Underwriter
- Forget Salad Recipes, Try a Salad “Matrix”
- Mortgages Dissected: Details to Know
- Will My Life Insurance Policy Cover Me If Something Happens While Traveling?
- 5 Most Common Estate Planning Mistakes
- I’ve Been Denied a Life Insurance Policy. Now What?
- Bucket List Ideas and Why It’s Important
- Insurance Coverage All Small Business Owners Must Consider
- Getting Fit Before the Medical Exam
- The Basics of Insurance APIs
- Don’t Lose Non-Refundable Down Payments with Travel Insurance
- 8 Gas Savings Tips During Summer
- Keeping Your Landscaping Lush Under the Hot Summer Sun
- How to Stay Hydrated During the Summer Season
- Safety Tips for Outdoor Barbecues
- What You Don’t Know About Senior Fitness
- Should You Pay Off Debt or Save For Retirement?
- The Last Guide to Chair Yoga You’ll Ever Need
- Smart Things to Consider When Buying a House
- Sleep Care is the New Self-Care
- Tips for Making Dinnertime Special
- 7 Ways to Improve the Quality of Life of Seniors You Care About
- Pool Safety Tips
- Ways to Get the Best Health Care
- Flood Insurance 101
- Adapt Your Home for Safe Mobility
- Understanding Hurricane Deductibles
- Why Gardening is Good for Your Health
- Best Nutrition Apps
- Back to Work: How Businesses Are Trying to Make Workers Feel Safe
- Reducing Stress Through Music
- How to Live Without Regrets
- Power Foods that Lift the Spirit
- Company Health Insurance vs Individual Insurance
- Benefits of Grateful Living
- Remote Activities You Can Do with Your Grandkids
- Post Pandemic Travel Tips
- What are Intangible Assets and What to Do with Them