Key Birthdays in Your Financial Life

Will you celebrate one of these birthdays this year? If so, some rules regarding your finances may change and certain financial opportunities may open up for you this year. Here are a few key ages to watch and plan for. Your financial professional can help you incorporate them into your financial plan.


You can generally begin making annual catch-up contributions to your IRA and workplace retirement plan.


You can begin contributing up to an extra $1,000 per year to your health savings account.

59 1/2

Withdrawals from IRAs and retirement plans are penalty-free. The 10% federal tax penalty on early withdrawals does not apply to withdrawals made after age 59 1/2.


Most people can claim Social Security benefits beginning at age 62. However, the longer you wait to start, up until age 70, the larger your monthly benefit will be when you eventually do start.


Most people become eligible for Medicare at age 65. It’s a good idea to explore your options a few months before your 65th birthday.


You generally must begin taking required minimum distributions (RMDs) from your workplace retirement plans and traditional IRAs. You may be able to delay the start of RMDs from a non-IRA retirement plan if you are still working for the company that sponsors the plan, the plan permits it, and you do not own 5% or more of the company.

At Copper Leaf Financial, we work with you over the long term. We develop a plan that acts as a roadmap – and evolves over time. A proper plan enables you to invest the same way we do: broad diversification, low costs and appropriate levels of risk. We prize evidence over emotion and we value academic and market research over fluctuating opinions. Click here or call us today (802.878.2731) to schedule a free introductory meeting.

*This article reflects the laws in place on November 1, 2021.

Article published in January/February 2022 edition of Eye on Money. If you would like to be added to our mail list please email [email protected].