Final Installment – Important Retirement Savings – Age 70 1/2

Last but not least – age 70 1/2

We’ve reached the end of our series sharing important information you need to know for your retirement milestones. Here we are at age 70 1/2 – what’s left to know?

Required distributions? Yep! After age 70 1/2, your traditional IRA, ROTH 401(k) and traditional 401(k) require distributions each year with large tax penalties for missing those deadlines. What are those deadlines? How can you avoid taxes on IRA withdrawals? Can you delay withdrawals from your 401(k)? When are you no longer eligible for tax deductions on new IRA contributions? All important questions!

Check out this minute and a half video from US News and World Reports for more details.

If you missed any of the milestones in this series, you can link to those below

Age 50

Age 59 1/2

Age 65

Age 66