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.

Have A Question About This Topic?

Silver Sneakers 101

Medicare’s popular program, offering free gym membership and health education.

Investment Challenges of the Affluent Investor

Affluent investors face unique challenges when putting together an investment strategy. Make sure you keep these in mind.

It Was the Best of Times, It Was the Worst of Times

All about how missing the best market days (or the worst!) might affect your portfolio.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (Member FINRA & SIPC). Insurance products are offered through LPL or its licensed affiliates. Kennebec Saving Bank and Kennebec Wealth Management are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Kennebec Wealth Management, and may also be employees of Kennebec Saving Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Kennebec Saving Bank or Kennebec Wealth Management. Securities and insurance offered through LPL or its affiliates are:

Not FDIC Insured		No Bank Guarantee		May Lose Value
Not a Deposit		Not Insured by any Federal Government Agency

8 Financial Milestone Birthdays

Have A Question About This Topic?

Related Content

Silver Sneakers 101

Investment Challenges of the Affluent Investor

It Was the Best of Times, It Was the Worst of Times