{"id":2316,"date":"2021-08-05T14:57:32","date_gmt":"2021-08-05T18:57:32","guid":{"rendered":"https:\/\/www.thewealthguardians.com\/staging\/3023\/?p=2316"},"modified":"2021-08-05T14:59:16","modified_gmt":"2021-08-05T18:59:16","slug":"social-security-is-your-age-a-retirement-numbers-game","status":"publish","type":"post","link":"https:\/\/www.thewealthguardians.com\/staging\/3023\/social-security-is-your-age-a-retirement-numbers-game\/","title":{"rendered":"Social Security: Is Your Age a Retirement Numbers Game?"},"content":{"rendered":"<body><p><\/p><img decoding=\"async\" class=\"size-full wp-image-2318 alignright\" src=\"https:\/\/www.thewealthguardians.com\/staging\/3023\/wp-content\/uploads\/2021\/08\/8.20.21-BLOG-IMAGE-FOR-WEBSITE.png\" alt=\"\" width=\"560\" height=\"315\" loading=\"lazy\" srcset=\"https:\/\/www.thewealthguardians.com\/staging\/3023\/wp-content\/uploads\/2021\/08\/8.20.21-BLOG-IMAGE-FOR-WEBSITE-200x113.png 200w, https:\/\/www.thewealthguardians.com\/staging\/3023\/wp-content\/uploads\/2021\/08\/8.20.21-BLOG-IMAGE-FOR-WEBSITE-300x169.png 300w, https:\/\/www.thewealthguardians.com\/staging\/3023\/wp-content\/uploads\/2021\/08\/8.20.21-BLOG-IMAGE-FOR-WEBSITE-400x225.png 400w, https:\/\/www.thewealthguardians.com\/staging\/3023\/wp-content\/uploads\/2021\/08\/8.20.21-BLOG-IMAGE-FOR-WEBSITE.png 560w\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" \/>When preparing for your retirement, think about how much income you may need each year to fund the lifestyle you want. To maintain your living standard, you may need to save enough money to supplement other sources of retirement income, such as a company pension and\/or Social Security. It is also important to be aware of how your age factors into your retirement decisions. Here are some important age milestones to consider:\n<p><strong>Age 55.<\/strong><br>\nIf you take an early retirement, quit, or are otherwise terminated from employment, you can generally withdraw money from 401(k), 403(b), and profit-sharing plans without being subject to a 10% Federal income tax penalty for early withdrawals. As specified in IRS Publication 575, the following apply: you must reach age 55 by December 31 of the year you leave the workforce; money must be distributed to you from your employer\u2019s plan and cannot be transferred to an Individual Retirement Account (IRA); early withdrawals are subject to the plan\u2019s provisions; and only money from your last employer\u2019s plan qualifies (not funds from previous employers). You may take early distributions from a traditional IRA without penalty, provided you receive \u201csubstantially equal periodic payments.\u201d Since certain rules govern this provision, be sure to consult a qualified tax professional.<\/p>\n<p><strong>Age 59\u00bd.<\/strong><br>\nGenerally, you can withdraw money from traditional IRAs and qualified retirement plans after the age of 59\u00bd without being subject to the 10% tax penalty, if plan-specific qualifications are met. Ordinary income tax is due if your contributions were tax deductible. No income tax or penalty applies to distributions from a Roth IRA, provided you have reached age 59\u00bd and have owned the account for at least five tax years.<\/p>\n<p><strong>Age 60.<\/strong><br>\nWidows and widowers may be eligible for Social Security benefits. For the most up-to-date information, visit the Social Security Administration\u2019s website at www.ssa.gov.<\/p>\n<p><strong>Age 62.<\/strong><br>\nSome companies may allow retirement at 62 with full pension plan benefits. This is also the earliest age for receiving regular Social Security benefits, but the benefit amount is permanently lower than its potential maximum.<\/p>\n<p><strong>Ages 62\u201364.<\/strong><br>\nFor those who are working and collecting Social Security benefits while younger than full retirement age\u2014the age at which an individual is eligible to receive full Social Security benefits\u2014the earnings threshold is $15,480 for 2014. One dollar in benefits is withheld (a \u201cgive back\u201d) for every $2 earned above that amount. A portion of benefits may also be taxed as income based on a complex formula that includes wages and tax-exempt income.<\/p>\n<p><strong>Age 65.<\/strong><br>\nMany company pension plans provide full benefits at this age. However, the age may vary by the company plan. Medicare eligibility also generally begins at age 65.<\/p>\n<p><strong>Ages 65\u201367 <em>(or the year in which full retirement age is attained).<\/em><\/strong><br>\nTraditionally, full retirement age was 65. However, for those born between 1938 and 1959, full retirement age has been rising incrementally, and for those born in 1960 or later, the age for receiving full benefits is 67. The lower earnings threshold amount still applies for years prior to full retirement age, and a second earnings threshold rule applies for the year in which full retirement age is attained.<br>\nFor those who are working and receiving Social Security benefits, there is a benefit give-back in 2014 of $1 for every $3 over $41,400 earned in the months prior to attaining full retirement. Once full retirement age is attained, the earnings threshold no longer applies, and a portion of benefits may be taxed as income based on a complex formula that includes wages and tax-exempt income.<\/p>\n<p><strong>Age 70\u00bd.<\/strong><br>\nRequired minimum distributions (RMDs) from qualified retirement plans, such as a 401(k) or IRA, must generally begin by April 1 of the calendar year following the year in which you reach age 70\u00bd. Roth IRAs, however, are not subject to the age 70\u00bd mandatory distribution rules.<\/p>\n<p>You have worked many decades to accumulate assets to prepare for enjoyable \u201cgolden years.\u201d The Wealth Guardians are here to help you stay on the track to achieving your retirement goals.<\/p>\n<p>Our <a href=\"https:\/\/www.thewealthguardians.com\/staging\/3023\/custom-retirement-paycheck-plan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #ff0000;\"><em><strong>Custom Retirement Paycheck Plan<\/strong><\/em><\/span><\/a> shows how to protect your retirement from the risks of unexpected market swings, tax changes, and health care expenses using a mathematically tested strategy to create lifetime income allowing you to stop worrying about outliving your money and get on with enjoying the rest of your life.<\/p>\n<p>Let us show you in black and white a custom retirement income plan that is comprehensive, individualized and based on strategies that balance growth with downside protection. Get your <a href=\"https:\/\/www.thewealthguardians.com\/staging\/3023\/custom-retirement-paycheck-plan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #ff0000;\"><em><strong>Custom Retirement Paycheck Plan<\/strong><\/em><\/span><\/a> now!<\/p>\n<p><a href=\"https:\/\/www.thewealthguardians.com\/staging\/3023\/custom-retirement-paycheck-plan\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-2204\" src=\"https:\/\/www.thewealthguardians.com\/staging\/3023\/wp-content\/uploads\/2021\/05\/PBIO-Mock-Up-for-Weekly-Blogs-1.gif\" alt=\"\" width=\"600\" height=\"600\" loading=\"lazy\"><\/a><\/p>\n<blockquote>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.thewealthguardians.com\/staging\/3023\/custom-retirement-paycheck-plan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #ff0000;\"><em><strong>&gt;Click here to learn more about this FREE report<\/strong><\/em><\/span><\/a><\/p>\n<\/blockquote>\n<p>Give us a call at our Charlotte office at (704) 248-8549, or our Clemmons office at (336) 391-3409. Or, <a href=\"https:\/\/www.thewealthguardians.com\/staging\/3023\/landing\/?inf_contact_key=dd827bb4650f0bf88549d4f30e9761d8\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #ff0000;\"><em><strong>click here to request a no-cost, no-obligation meeting<\/strong><\/em><\/span><\/a>.<\/p>\n<hr>\n<p><strong>[SOURCES &amp; ADDITIONAL DISCLOSURES]<\/strong><\/p>\n<p>Copyright \u00a9 2015 Liberty Publishing, Inc. All rights reserved Distributed by Financial Media Exchange<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"<p>When preparing for your retirement, think about how much income you may need each year to fund the lifestyle you want. To maintain your living standard, you may need to save enough money to supplement other sources of retirement income, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[163,28,164],"class_list":["post-2316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-enjoying-retirement","tag-social-security","tag-ssn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Social Security: Is Your Age a Retirement Numbers Game? - The Wealth Guardians<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thewealthguardians.com\/social-security-is-your-age-a-retirement-numbers-game\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Social Security: Is Your Age a Retirement Numbers Game? - The Wealth Guardians\" \/>\n<meta property=\"og:description\" content=\"When preparing for your retirement, think about how much income you may need each year to fund the lifestyle you want. 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