Where are You on the Road to Retirement?

A 30-second read by the Baron Team:  There are important questions at certain ages that you should keep in mind on your journey. Your options for Retirement and Financial Planning need to be given very serious thought and examination. You need to identify your goals, explore your options, and test for the unexpected. Am I OK financially?  Can I live the lifestyle that I want in retirement?

These are important questions to keep in mind on your road to retirement:

Before Age 50:  Do I have a plan for retirement?

Age 50:  Can I afford to make catch-up contributions to a 401(k) or IRA?

Age 59 ½:  Should I take Penalty-free 401(k) or IRA withdrawals?

Age 62:  When should I file for Social Security benefits?

Age 65:  What Medicare Plan should I enroll in?

Age 66/67:  Should I file for Social Security at full retirement age? 

Age 70:  Can I wait until age 70 for maximum Social Security benefit?

Age 73:  What is the best strategy for taking my Required Minimum Distributions?

In Retirement:  Do I need to revisit my retirement goals?

The RMD age reflects changes from the SECURE 2.0 Act of 2022.  You can read more about RMDs and other financial planning numbers here.

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Disclosure: Past performance is no guarantee of future results.  Every investment strategy has the potential for profit or loss. This material is not intended to be relied upon as a forecast, research, tax or investment advice. Before implementing any of the ideas presented, please consult with a qualified tax, investment, or legal professional for personal advice.