List of Retirement Milestones - PDF DownloadSubmitted by Mission Financial Planning on November 8th, 2017
There are many milestones on the way to – and through – retirement. Starting at age 50 with the opportunity to make additional catch-up contributions to IRAs and 401(k)s, through age 70.5 when making a tax-deductible IRA contribution is no longer allowed.
Each opportunity that opens, deadline that hits, or limitation that occurs can have a long term effect on retirement.
It’s important to know when to file for Medicare and that HSA catch-up contributions don’t start at the same time as IRA catch-ups, for example. The deadlines with the biggest penalties are the RMD deadlines; you can get details on that by reading our blog series about RMDs (click here).
These various milestones may affect tax planning, financial planning, and the timing of when to retire.