As you plan to retire, it’s a good idea to brush up on important information you’ll need to make the most of the money set aside in retirement accounts, how Medicare works and what you can expect in Social Security benefits.
There are key milestones that can make a significant impact on your retirement tax implications. Once you are 59 1/2, you are no longer subject to the 10% early-withdrawal penalty from your IRA or 401(k). At age 72, you will be required to take minimum distributions from traditional IRAs and 401(k). Just because you are required to take a minimum distribution from your traditional IRAs or 401(k) plan, you don’t have to spend the money. You can invest into stocks or a Roth IRA.
Excelligence generally recognizes normal retirement age as 65. Excelligence also recognizes certain definitions of “Early Retirement” in some of its benefit plans, however, Excelligence does not have an Early Retirement Program; this is solely used as reference to a specified number of years of service and age that meet certain requirements under our benefit plans.
Retirement is considered one form of resignation, and therefore, our normal resignation policies do apply regarding notifications.
NOTE: When calculating “years of service”, one must always refer to the “continuous service date” in (Company HRIS System). This is the date that encompasses the total accumulation of service including prior service for rehires and those involved in acquisitions. NO OTHER DEFINITION/FIELD MAY BE USED.
To help you transition into the new retired stage of life, we have compiled a resource, with key information to help you know what to expect.
Age 65 is the time to enroll in Medicare. But just as with the health insurance you’ve had throughout your working years, you’ll have to pay premiums for Medicare coverage and co-pays on covered services. Options are available, so you’ll want to become acquainted with them to make the choice that is right for your individual situation. Click Here for more information.
Your age when you collect Social Security has a big impact on the amount of money you ultimately get from the program. The key age to know is your full retirement age. For people born between 1943 and 1954, full retirement age is 66. It gradually climbs toward 67 if your birthday falls between 1955 and 1959. For those born in 1960 or later, full retirement age is 67. You can collect Social Security as soon as you turn 62, but taking benefits before full retirement age results in a permanent reduction — as much as 25.83% of your benefit if your full retirement age is 66. Click Here for more information.
