Money Monday: Retirement Milestones

You know how I’ve been yapping on and on about how I’m determined to retire when I’m 50? Looks like I have to tack on another 5 years. Take a look at this list of retirement milestones that I put together. 55 or bust! Who’s with me? I have 17 years to go. Not that I’m counting!

Age 55: You can quit your job and withdraw money from your 401k penalty-free.

Age 59.5: Withdraw funds from any of your retirement accounts penalty-free.

Age 60: Take social security benefits if you are widowed.

Age 62: You can elect to collect Social Security at a reduced benefit. 75% of what you would have gotten had you waited until 66 or 67.

Age 65: You’re eligible for Medicare.

Age 67: You qualify for full Social Security benefits.

Age 70.5: Withdrawals are now mandatory from tax-deferred retirement accounts.

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Comments

  1. I have 19 years for that milestone, but truly don’t think we will have enough and will probably have to wait it out a bit. Thanks for sharing these statistics though and wonder if they will hold true though as we get older and closer to this point knowing the state of the economy right now. I guess time will tell on this one way or another.

    • Catherine says:

      Let’s not be pessimistic, Janine ;) Hopefully we can battle this black hole of a deficit before we retire. 300 million people and counting. We definitely have the brain power!

  2. Hmm I totally didn’t know I could withdraw from my 401k at 55! But I probably won’t though. I recently did the math of what it would take for me to live comfortably after retirement and WHOA NELLIE, I need a lot of money LOL. You have got a great blog here!

  3. I’m with you! I have some early retirement goals of my own. I’m busting my tail trying to make it happen. We shall see!

    • Catherine says:

      You can do it. We will do it! I can’t shake this image of me at 55 with a mimosa, sitting beach side with the waves crashing onto the shore.

  4. This is a totally helpful/kind of depressing list! ;) Only kidding, but I feel like my hubby and I are definitely not going to make the 55 mark!-Ashley

    • Catherine says:

      Ashley, you can do it! We’re all going to do it. Think of the riches we will make with our blogs :)

  5. Good thing the hubs and I like working because in 12 years (me) or 10 years (him) we will not only have no where near enough to retire, but our youngest will just be finishing up college then.

    • Catherine says:

      I am looking at any and all options to retire early and truthfully I really like my job. But what pains me is the waking up part.

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