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Retirement Planning Milestones

Retirement Planning Milestones: When to Seek Guidance

Seeking retirement guidance can be helpful at any time, but especially at these milestones: 

  • Age 55: If you’re retired, you may withdraw from some 401(k) savings plans without penalty
  • Age 59 ½: Without IRS penalty, you can withdraw tax-deferred assets — IRA/401(k)
  • Age 62: Threshold for early retirement/partial Social Security benefit eligibility
  • Age 65: Medicare sign-up and benefit eligibility
  • Age 66-67: Full Social Security benefit eligibility
  • Age 70: Maximum Social Security benefit eligibility
  • Age 72: RMDs (required minimum distributions) from tax-deferred assets begin

Reaching any of these ages can come with a lot of changes and decisions. You may be considering when to start collecting Social Security benefits or how to best use your tax-deferred retirement accounts. 

This is where working with a financial professional can be extremely helpful. A good retirement planner will help you understand all your options and make the best decisions for your unique circumstances.

If you’re nearing retirement, or are already retired, here are two key areas a financial professional can help with: 

  1. Assessing Your Retirement Savings

You’ve probably been saving for retirement for many years, but do you know how much retirement income that will produce for you? A financial professional can help you get a clear picture of all your retirement assets and estimate how much income they could provide in retirement. This is an important first step in planning for a successful retirement.

  1. Developing a Retirement Income Plan

Once you know how much money you have to work with, you can develop a plan for how to best use it. This may include when to start collecting Social Security benefits, how to withdraw money from your retirement accounts, and how you should structure your investment strategy.

Making the most of your retirement requires careful planning. Working with a financial professional can help you navigate this process and make the best decisions for your unique circumstances.

At Hunt Country Wealth Management we specialize in advanced planning strategies for individuals who are preparing to retire. We offer a step-by-step process to help you retire with confidence. 

We work with modern retirees nationwide to help them prepare for their journey into retirement and equip them with a plan to help them navigate the road ahead. Our proven processes combine our specialized knowledge with real-world experience to provide a guide for making better decisions, achieving better outcomes, and making the best use of your resource. 

Contact us today to learn more.

 

Have questions about retirement, investing, or financial planning?

 

Hunt Country Wealth Management can help.
Click below to explore our services, or schedule a 15-Minute Discovery Call™ to talk with an advisor.

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Our mission is to prepare modern retirees nationwide for their journey into retirement and equip them with a plan to help them navigate the road ahead.

We believe retirement should free you — and it all starts with a plan.

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By: Chris Merchant, CFP® 

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We believe retirement should free you. It all starts with a plan.

Have Questions? Schedule 15-Minute Discovery Call™