Skip to main content

Saratoga Financial Services

  •  Tel: 518-584-2555
  •  Fax: 518-584-3762

Saratoga Financial Services

  • Home
  • About Us
    • Our Team
    • Our Process
    • Why Choose Us
    • Our Community
  • Our Services
    • Retirement Planning
    • Investment Management
    • Business Retirement Plans
  • Learning Center 
    • Blog
    • Riskalyze
    • Articles of Interest
    • Calculator Library
    • Market Insight
    • COVID-19 Updates & Resources
  • Contact Us

"To appreciate the beauty of a snowflake, it is necessary to stand out in the cold.” –Aristotle

  Previous   Next

    You are here

  1. Home
  2. Important Birthdays Over 50

Important Birthdays Over 50

Getting older has its perks!  Not only do you become eligible to receive senior discounts, but once you reach age 50, there are some birthdays and "half-birthdays" that are critical to remember to take advantage of.  Check them out below.

Age 50

Catch-Up Contributions - Retirement plan participants are now able to contribute additional money each year.

Age 59.5

Penalty Free Retirement Plan Withdrawals - Keep in mind that distributions from traditional IRAs and employer sponsored plans will still be taxed as ordinary income.

Age 62

Social Security - It is important to know that if taken now, benefits may be reduced.  Full retirement age had been 65 for many years.  However, beginning with individuals born in 1938 or later, that age gradually increases until it reaches 67 for individuals born after 1959.

Age 65

Medicare - The Social Security Administration recommends applying three months before turning 65.  Remember that if you already receive Social Security benefits, then you are already enrolled in Medicare Part A & Part B.

Age 70.5

Required Minimum Distribution (RMD) - Distributions must be taken from traditional IRAs and qualified retirement plans by April 1st the year following the calendar year in which you reach age 70.5.  We encourage clients to take the distribution the year in which they turn 70.5 to avoid having to take two in one year.  Dollar amounts for RMDs are based on account balance and life expectancy tables.

Tracking #1-424339

Blog

Sign Up for Our Monthly Newsletter

18 Division St, Suite 305
Saratoga Springs, New York
12866 United States

  •  Tel: 518-584-2555
  •  Fax: 518-584-3762
  •  Robert.Schermerhorn@lpl.com
  •  
  •  

Proud Member of:

   

Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC.

Please review Important Disclosure Information set forth in the last section of this web site. Due to various state and federal regulations and registration requirements concerning the dissemination of information relating to investment products and services, we are currently required to limit access of this web site to individuals residing in states where we are currently registered.

We are currently registered to conduct business in the following states:  Arizona, California, Colorado, Connecticut, Florida, Hawaii, Idaho, Illinois, Iowa, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Utah, Vermont, Virginia and Washington.

© 2021 Saratoga Financial Services. All rights reserved.

Website Design For Financial Services Professionals