Age milestones can trigger financial planning

Age milestones can trigger financial planning

Reaching certain age milestones can be significant for many different reasons. In addition to birthday celebrations, or life changes, such as retirement, age milestones are meaningful for financial planning.

Many aspects of the tax code are linked to age requirements. And most savings accounts, particularly retirement accounts, have rules around withdrawals and even contributions, that are based on age.

age milestones and planning considerations table

Staying on track

Being mindful of milestones can help advisors add value to client relationships and help savers stay on track with their financial plans. Consider investors turning 65, 70½, or 72 years old, and some of the strategies and important planning actions to consider. For investors approaching 65, read about Medicare in this education piece, “Three key things to understand about Medicare.” For those reaching 70½, IRAs have a provision allowing for tax-free distribution of assets to a qualified charity. Learn more in “Donating IRA assets to a charity.” And investors turning 72 years old will need to know the rules around required minimum distributions in “What you need to know about required IRA withdrawals.”


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