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What age do you have to start taking money from your retirement accounts?
What age do you have to start taking money out of your retirement accounts? The answer is 73. And if you haven't planned for it before that birthday, it can cost you. The IRS requires you to start pulling money from certain traditional retirement accounts starting at 73. Those are called Required Minimum Distributions (RMDs). You don't get to opt out. And if that money hits on top of Social Security, a pension, or other income, it can push you into a higher tax bracket than you expected. So planning around that date is super important. That's just one of five ages that actually change your retirement picture. Age 50 opens up extra contributions. Age 59 1/2 removes the early 10% penalty on certain withdrawals Age 62 lets you claim Social Security early, but with a permanent reduction. Age 65 is Medicare, and if you miss that window, you pay higher premiums for life. Each one is a key decision point, not just a date, that needs thoughtful scenario planning and modeling. Today’s video walks through all five. But if you're already in one of these windows and want to make sure you're positioned right, reply or drop a comment and we'll talk it through. (Fun note: If you were born in 1960 or later, your RMD age is 75, so you get a few extras years to plan for that.) #RetirementPlanning #FinancialPlanning #RMDs #SocialSecurity #Medicare #CFP #HNW
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