Articles related to focusing on healthy aging, prevention, mobility, cognition, nutrition, independence, and caregiving support.
By age 50, you should have six to eight times your current annual income saved, according to AARP. For many, the prospect of turning 55 signals a major financial and lifestyle milestone, prompting the question: What will happen when I turn 55?
By age 50, you can begin making catch-up contributions to your retirement accounts, accelerating your savings in the final years of your career. However, a major financial turning point occurs just before your 60th birthday, raising the question: what happens when you turn 59? At age 59½, you gain new flexibility with your retirement funds and should solidify your long-term financial and health strategies.
While milestone birthdays like 50 and 60 get most of the fanfare, age 59 often holds far more financial significance for your retirement plans. Understanding what does turning 59 mean, specifically in the context of turning 59 and a half, is crucial for unlocking key benefits and avoiding penalties as you approach your golden years.
Approximately 70% of people claim their Social Security retirement benefits before their full retirement age. Turning 62 is a significant milestone, as it's the earliest age you can begin receiving these benefits, but it also triggers important financial and healthcare questions. So, do I need to do anything when I turn 62? While no action is mandatory, you should thoroughly evaluate your options to secure your financial future.
