Remember when you turned 16 and rushed to get your driver’s license? Or earned the right to vote at 18 and enjoyed the privileges and responsibilities of adulthood at 21? There aren’t many legal changes associated with birthdays after that until you turn 50, and then there are plenty. Can you match these ages to the related federal benefits and tax responsibilities? One age will be used twice.
50 55 59½ 62 65 67 70 73 75
___ 1. Eligible for full Social Security benefits for those born in 1960 or later
___ 2. Earliest age to make catch-up contributions to a traditional IRA or an employer-sponsored retirement plan
___ 3. Eligible for maximum Social Security benefit
___ 4. Must begin taking required minimum distributions from most tax-deferred retirement plans, for those born from 1951 to 1959
___ 5. Eligible to enroll in Medicare
___ 6. Earliest age to make catch-up contributions to a health savings account
___ 7. Earliest eligibility age to begin taking reduced Social Security worker benefits
___ 8. Must begin taking required minimum distributions from most tax-deferred retirement plans, for those born in 1960 or later
___ 9. Eligible to withdraw money from a tax-deferred IRA or employer-sponsored retirement plan (for most employees) without incurring a 10% federal tax penalty
___ 10. Eligible to withdraw money from a tax-deferred employer-sponsored retirement plan without incurring a 10% federal tax penalty, for an employee who separates from service with the employer
For further information, visit irs.gov, socialsecurity.gov, and medicare.gov.
Answers
- 67; 2. 50; 3. 70; 4. 73; 5. 65; 6. 55; 7. 62; 8. 75; 9.59½; 10. 55 (50 or after 25 years of service for qualified public safety employees)
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