Green Bay Certified Financial Planner Professional Invites You to Take The Birthday Benefits Quiz!

This week, Craig Siminski, of CMS Retirement Income Planning, shares with us a quiz allowing readers to test their knowledge of the ages related to key federal benefits and tax responsibilities:

Remember when you turned 16 and rushed to get your driver’s license? Or earned the right to vote at 18 and enjoyed the privileges and responsibilities of adulthood at 21? There aren’t many legal changes associated with birthdays after that until you turn 50, but then there are plenty!

Can you match these ages to the related federal benefits and tax responsibilities? One age will be used twice:

50     55     59½     62     65     67     70     73     75

1. Eligible for full Social Security benefits for those born in 1960 or later

2. Earliest age to make catch-up contributions to a traditional IRA or an employer-sponsored retirement plan

3. Eligible for maximum Social Security benefit

4. Must begin taking required minimum distributions from most tax-deferred retirement plans, for those born from 1951 to 1959

5. Eligible to enroll in Medicare

6. Earliest age to make catch-up contributions to a health savings account

7. Earliest eligibility age to begin taking reduced Social Security worker benefits

8. Must begin taking required minimum distributions from most tax-deferred retirement plans, for those born in 1960 or later

9. Eligible to withdraw money from a tax-deferred IRA or employer-sponsored retirement plan (for most employees) without incurring a 10% federal tax penalty

10. Eligible to withdraw money from a tax-deferred employer-sponsored retirement plan without incurring a 10% federal tax penalty, for an employee who separates from service with the employer

For The Answers, Please Click Here!

Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

Please let Craig know that the Green Bay News Network Sent You!