Convert Traditional to ROTH IRA money for TAX-FREE distribution in retirement AND to avoid RMDs – must be done by Dec. 31, NOT April 15 of next year. (May be subject to Federal, State and/or Local income tax.)
Fully fund ALL retirement accounts: 401Ks, 403bs, 457 plans, IRAs, SEPs and SIMPLES – Do you know the limits? If not PLEASE call me!
Are all your beneficiary designations in order? AND
Are all your Estate Plan documents in order? Call me for FREE templates.
Did you turn any of these ages in 2020?
| AGE | Eligiblity |
|---|---|
| 50 | You may be eligible to make ‘catch-up’ contributions to an IRA or employer plan. |
| 55 | You may be eligible to take a distribution from your 401K without being subject to the 10% early distribution penalty. |
| 59 1/2 | You may be eligible to take a penalty-free distribution from your IRA and company plan. |
| 59 1/2 | And you may be able to take tax-free distributions from your ROTH assuming it has been open at least 5 years. |
| 62 | You may apply for Social Security. |
| 65 | You may apply for Medicare. |
| 72 | Must begin taking RMDs from IRAs and company plans but not ROTHs |