The Financial Rewards of Aging


Age 55 No federal tax penalty on withdrawals from company retirement plans upon separation from service.
Age 59 1/2 No federal tax penalty on withdrawals from IRAs and retirement plans/accounts.
Age 62 Earliest age that Social Security retirement benefits can be collected for most people. Widows and widowers can receive these benefits as early as age 60.
Age 65-67 Full Social Security benefits. The exact age depends on the year in which you were born.
Age 70 Earned income no longer reduces Social Security benefits. Otherwise, if you are under the age of full Social Security benefits (see above), $1 is cut from your benefits for every $2 earned above the annual limit. Or, if you are over that age (but under 70), then $1 is cut from every $3 earned above the annual limit.
Age 70 1/2 Minimum distributions must be withdrawn from most retirement accounts. However, you may be able to continue making contributions with earned income, tax-deferred, to a Roth IRA.

To discuss investment planning with a Provident Financial Consultant*, regardless of your age, e-mail or call (650) 508-7222 or (800) 656-4096. Financial Consultants offers a full range of Investment and Retirement Planning services.