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Tax Birthdays and Milestones
Manage episode 341255124 series 2907060
Inhoud geleverd door Daniel W. Leonard and Dan Leonard. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door Daniel W. Leonard and Dan Leonard of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.
Welcome back to Powering Your Retirement Radio. In the episode, we will discuss the different Milestones that certain birthdays bring.
0 to 18 years - Kiddie Tax Issues
18+ - Claiming children as dependents
18 or 21, even 25 - Age of Majority for UTMA and UGMA accounts
26 - "adult" children of parent's healthcare
The Gap years - College to Age 50 - Retirement Savings
50+- "Catch-Up" Contributions - 401k, 403b, IRA, Roth IRA
55+- "early" retirement - Penalty Free Distributions from company plans, in the right circumstances.
59 ½ - Access to all retirement assets penalty-free
60+ - Ability to claim Widow Benefits (if applicable)
62+ - Social Security Benefit claiming
65+ - Medicare sign-up and annual renewals
~68+ - Future RMD (Required Minimum Distribution) Planning
70 ½+ - QCD (Qualified Charitable Distributions), avoids sneaky taxes
72+ - RMD (Required Minimum Distribution) start
Visit the Podcast site: https://poweringyourretirement.com/2022/09/15/tax-birthdays-and-milestones
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