Personalized planning worksheet to identify key personal finance dates in later life

1. Later Life Milestone Age Worksheet
Name(s)_______________________________________________________________________________
Date Completed________________________________________________________________________
Your Date of
Birth
Year of Your
Milestone Age
Spouse’s Date of
Birth
Year of Your
Milestone Age
Age for
Milestone
Event
Description of Milestone Event
for Financial Planning in Later
Life
50 Eligible to make catch-up contributions
for individual retirement accounts
(IRAs) and tax-deferred employer
retirement savings plans (e.g., 401(k)s).
59 ½ No penalty for early withdrawals from
IRAs and tax-deferred employer
retirement savings plans.
62 Earliest age to receive a Social Security
benefit that will be permanently
reduced if received between age 62 and
full retirement age (FRA).
65 Medicare eligibility begins. Medicare
Part B premiums can be delayed if
someone is still employed and
receiving employer health insurance
benefits.
66 to 67 FRA and eligibility for full Social
Security benefits by year of birth:
♦ Born 1943-1954: Age 66
♦ Born 1955: Age 66 and 2 months
♦ Born 1956: Age 66 and 4 months
♦ Born 1957: Age 66 and 6 months
♦ Born 1958: Age 66 and 8 months
♦ Born 1959: Age 66 and 10 months
♦ Born 1960 and later: Age 67
72 Age at which required minimum
distributions (RMDs) from tax-
deferred retirement savings plans must
begin. The required beginning date
(RBD) to take your first RMD is April
1 of the year following the year that
you reach age 72.