Pre-Retirement Checklist
Getting ready for retirement? Before you can cross that bridge, you’ll need to cross some important items off your to-do list. But thanks to our work together, you might be more prepared than you think! This handy checklist of ten crucial steps can help you visualize how far you’ve come.
59 1/2
59 1/2 is the age where you can start withdrawing from your retirement accounts without a penalty and the time to make changes or "catch-up" contributions. Download our booklet to see other things to consider at 59 1/2.
62
62 is the earliest age to begin receiving Social Security Income, but waiting longer means your amount will be more. Is it the right choice for you? Use the calculators from the Social Security Administration to estimate your benefits by age.
65
Medicare eligibility starts at age 65. Medicare helps pay for some medical expenses, but it doesn't cover everything. We've broken down the different parts of Medicare and decisions you might need to make.
66/67
66 is your Full Retirement Age if you were born between 1943 and 1953. If you were born after 1954 your full retirement age increases by 2 months a year until reaching the maximum age of 67.
67 is your Full Retirement Age if you were born 1960 or later.
70
If you wait until age 70, you will receive the biggest possible monthly benefit from Social Security. Social Security is not one size fits all. You need to have a well-versed advisor run the numbers.
72
Once you reach age 72, the IRS requires you to take mandatory distributions from retirement accounts such as 401ks and IRAs known as required minimum distributions or RMD’s.
Are you a government employee?
As you plan ahead for retirement from the public-sector there are a few key questions you need to be asking yourself. Download our booklet "6 Retirement Questions Government Employees Should Be Asking" to learn more.
Understanding Medicare
Learn about the different parts of Medicare and Medicare Supplements. Understanding the different parts of Medicare is critical, as this government-sponsored program may play a role in your future health care decisions.
Social Security
Social Security is a critical component of the retirement financial strategy for many Americans, so before you begin taking it, you should consider many important factors. When you should start taking benefits, should you continue working, and how to maximize your benefits are just some of the questions that TruNorth can help you answer.