Ask Terry Questions Calendar to keep financial next steps straight

Calendar to keep financial next steps straight

By Terry Savage on October 09, 2023 | Financial Planning / Retirement

Hi Terry, I just turned 60 and am vaguely aware that there are things that one should be doing at certain ages from a financial standpoint. Do you have a calendar or a checklist that shows these ages and what to do when? Example: 59 1/2 allows for penalty-free withdrawals from retirement accounts; 62 you can start receiving SS retirement benefits, etc. What other ages/deadlines should I be aware of? Thank you.

Terry Says

The one thing you should know is that you are severely penalized if you only look at those “beginning” dates.
Keep your retirement account growing as long as possible — until age 73 when you must take distributions.
Postpone Social Security until at least age d67, your full retirement age. Or, if possible, until age 70 — the maximum age.
Doing just those two things will increase your retirement security by at least 100%!!

And then go to to get a financial advisor — a fee-only fiduciary — that you can trust to guide you through the rest of the decisions you face!

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