3. Age 59½: Penalty-free retirement account withdrawals
This is one of those retirement milestones you’ll want to remember if you make any withdrawals from your retirement account earlier. When unexpected expenses accumulate and the emergency funds have been exhausted, where can you turn for money during difficult times? For most of us, the biggest stash of savings is stashed away in tax-advantaged retirement plans, such as a 401(k) or IRA.
You can tap that money early for purposes other than retirement, but it’s not a call to make lightly. That’s because early withdrawals from individual retirement accounts (IRAs), for instance, are usually subject to a 10% tax penalty.
The good news is that this penalty disappears at age 59½. Again, some retirement milestones bring significant advantages to seniors.
11 Responses
You don’t talk about exercise as a longevity enhancer. I’m 86 and I lift 20 lbs weights 3 times per week, do yoga 6 days per week, and walk at least 1-1/2 miles every day. I’ve been doing these exercises since I was 30. My doctor marvels at my blood pressure, I have no chronic diseases, take only 2 meds per day and am free of pain, except for occasional, mild, lower back pain. I’m grateful I do all these exercises because they sure beat surgery for knee or hip replacement and wlaking with a walker.
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