Remember when you turned 16 and rushed to get your driver's license? Or earned the right to vote at 18 and enjoyed the privileges and responsibilities of adulthood at 21? There aren't many legal changes associated with birthdays after that until you turn 50, and then there are plenty.
Can you match these ages to the related federal benefits and tax responsibilities? One age will be used twice.
50 55 59½ 62 65 67 70 73 75
___ 1. Eligible for full Social Security benefits for those born in 1960 or later
___ 2. Earliest age to make catch-up contributions to a traditional IRA or an employer-sponsored retirement plan
___ 3. Eligible for maximum Social Security benefit
___ 4. Must begin taking required minimum distributions from most tax-deferred retirement plans, for those born from 1951 to 1959
___ 5. Eligible to enroll in Medicare
___ 6. Earliest age to make catch-up contributions to a health savings account
___ 7. Earliest eligibility age to begin taking reduced Social Security worker benefits
___ 8. Must begin taking required minimum distributions from most tax-deferred retirement plans, for those born in 1960 or later
___ 9. Eligible to withdraw money from a tax-deferred IRA or employer-sponsored retirement plan (for most employees) without incurring a 10% federal tax penalty
___ 10. Eligible to withdraw money from a tax-deferred employer-sponsored retirement plan without incurring a 10% federal tax penalty, for an employee who separates from service with the employer
For further information, visit irs.gov, socialsecurity.gov, and medicare.gov.
Answers
1. 67; 2. 50; 3. 70; 4. 73; 5. 65; 6. 55; 7. 62; 8. 75; 9. 59½; 10. 55 (50 or after 25 years of service for qualified public safety employees)
Susan H. Stewart, CPM, JD,
Senior Vice President – Financial Advisor
Senior Portfolio Manager – Portfolio Focus
NMLS #830330 through City National Bank
Individual CA License # 0M18772
RBC Wealth Management, a division of RBC Capital Markets, LLC | Firm CA License # 0C38863
Ph: (302) 493-9161 | e-mail: susan.h.stewart@rbc.com
The Stewart Group - RBC Wealth Management - Home
RBC Wealth Management, a division of RBC Capital Markets, LLC | Firm CA License #0C38863
Ph: (301) 907-2705 | e-mail: taylor.stewart@rbc.com
Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.
The information contained herein is based on sources believed to be reliable, but its accuracy cannot be guaranteed. RBC Wealth Management does not provide tax or legal advice. All decisions regarding the tax or legal implications of your investments should be made in connection with your tax or legal advisor. RBC Wealth Management is not a mortgage lender or broker. Nothing herein should be construed as an offer or commitment to lend. Any calculations are provided as educational tools, and are not intended to provide investment advice or serve as a financial plan. The result of any calculation performed is hypothetical and does not assume the effect of fees, commissions, tax rates, or changes in interest rates or the rate of inflation, and is not intended to predict or guarantee the actual results of any investment product or strategy. These results depend wholly upon the information provided by you and the assumptions utilized within. In selecting an anticipated investment return, you should consider factors affecting the potential return, such as investment objectives and risk tolerance. The articles and opinions in this advertisement, prepared by Broadridge Investor Communication Services, Inc., are for general information only and are not intended to provide specific advice or recommendations for any individual.
RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC.
RBC Wealth Management does not provide tax or legal advice. All decisions regarding the tax or legal implications of your investments should be made in connection with your independent tax or legal advisor. No information, including but not limited to written materials, provided by RBC WM should be construed as legal, accounting or tax advice.
Past performance does not guarantee future results.
Prepared by Broadridge Advisor Solutions Copyright 2024.
