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| Your Financial Age |
- 14
- All childÂ?s income subject to taxation at regular rates
- Age at which many localities will issue work permit. Child may start an IRA; can later take distributions for qualified college education without penalty
- 21
- Age of majority in California
- Beneficiary assumes control of Uniform Gifts to Minors in California, Coverdell IRA accounts
- If you are working, start contributing to a company retirement plan or an IRA
- 30
- Coverdell IRAÂ?s for Education: must spend on qualifying expenses or rollover to qualifying member of immediate family. (Exceptions for special needs beneficiary)
- Begin balancing your investments
- 40
- Re-balance your investments
- 50
- Re-balance your investments
- 59-1/2
- May withdraw from a traditional IRA or rollover IRA without early withdrawal penalty
- May withdraw from a Roth IRA even if opened less than 5 years
- 60
- Re-balance your investments
- 65
- Normal Social Security retirement age if born in 1937 or earlier
- Add 2 mos for each year after 1937 up to 1942
- 66
- Normal Social Security retirement age for those born in 1943-1954
- Add 2 mos for each year born after 1954 up to 1959
- 67
- Normal Social Security retirement age for those born in 1960 or after
- 70
- Re-balance your investments
- Social Security monthly payment will not become any larger if you start collecting after this age
- 70-1/2
- Must begin taking Required Minimum Distribution (RMD) from:
- Traditional & Rollover IRAs
- SIMPLE & SEP IRAs
- 401(k) and 403(b) retirement plans
- 80
- Re-balance your investments
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