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Check-up Time! Ages and Changes

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2018 ends in one short month, which means it’s time to take a moment to review the life events you experienced in 2018.


Here are a few things to consider:

  • Did you get married or divorced?
  • Did you move or change jobs? Buy a home or business?
  • Did you lose a family member, or see a severe illness or ailment affect a loved one?
  • Did you reach the point at which mom or dad needed assisted living?
  • Was there a new addition to your family? Did you receive an inheritance or a gift?

Many common circumstances and events can financially impact your life and may modify the way you need to invest and plan for future goals. If any of these events describe you or you experienced other changes in your life, we encourage you to speak with your financial advisory team in case adjustments in your planning are needed.


Age and the Financial System

Age is a triggering factor for many rules in our country’s financial system. We’ve listed a few of the most notable below. If any apply to you, and you have questions about what is now required, please reach out to us as soon as possible so we can ensure you’re all set as the new year approaches!

  • Did you turn 70½ this year? If so, you must now take Required Minimum Distributions (RMDs) from your IRA(s).
  • Did you turn 65 this year? If so, you’re now eligible to apply for Medicare.
  • Did you turn 62 this year? If so, you’re now eligible to apply for Social Security benefits.
  • Did you turn 59½ this year? If so, you may take IRA distributions without a 10% penalty.
  • Did you turn 55 this year? If so, and you retired during this year, you may now take distributions from your 401(k) account without penalty.
  • Did you turn 50 this year? If so, “catch-up” contributions may now be made to IRAs and certain other qualified retirement plans.


wisdom wealth strategies

Andrea L. Blackwelder, CFP®, ChFC and Joseph D. Clemens, CFP®, EA are the founders and partners of Wisdom Wealth Strategies. Their shared passion is simple: to bring financial empowerment, understanding, and peace-of mind to people who wish to improve their financial future, build wealth for their families, and achieve financial independence. Click here to find out more about how you can work with Wisdom Wealth Strategies.


Image courtesy of Stuart Miles at FreeDigitalPhotos.net

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