Tax Birthdays and Milestones

Welcome back to Powering Your Retirement Radio. In the episode, we will discuss the different Milestones that certain birthdays bring. 

0 to 18 years – Kiddie Tax Issues

18+ – Claiming children as dependents

18 or 21, even 25 – Age of Majority for UTMA and UGMA accounts

26 – “adult” children of parent’s healthcare

College to Age 50 – Retirement Savings

50+– “Catch-Up” Contributions – 401k, 403b, IRA, Roth IRA

55+– “early” retirement – Penalty Free Distributions from company plans, in the right circumstances.

59 ½ – Access to all retirement assets penalty-free

60+ – Ability to claim Widow Benefits (if applicable)

62+ – Social Security Benefit claiming

65+ – Medicare sign-up and annual renewals

~68+ – Future RMD (Required Minimum Distribution) Planning

70 ½+ – QCD (Qualified Charitable Distributions), avoids sneaky taxes

72+ – RMD (Required Minimum Distribution) start