If you were born in early 1960s, you’re enough to remember the Apollo lunar landings. You may remember the first departure of astronauts Neil Armstrong and Buzz Aldrin, who walked on the moon and into history.
These events scrawled across the pages of late 20th-and early 21st-century history mark your life in ways few others alive today can comprehend. Thinking of all that you have seen may amaze you at times. But now you’re six months shy of your 60th birthday. You are 59½, to be exact. So what is the importance of age 59 1/2?
That age marks a turning point of sorts in your life—on a number of fronts. In particular, the Internal Revenue Service (IRS) allows you to make withdrawals from your retirement account without incurring a penalty. It has also been nearly a decade since you were granted the right to make “catch-up contributions” to your IRA.1
In roughly 30 months, you’ll be eligible to claim Social Security benefits. You’re about 66 months away from Medicare eligibility.
In this report, we explore your retirement choices, your healthcare concerns, and how to move vibrantly into those golden years. We also turn back the clock to take a quick look at how history may have shaped your outlook.
Some research suggests you should have at least $1 million in retirement savings to get you comfortably through a 30-year retirement.
Some retirement savers say there’s a 45% chance they expect to run out of money sometime during their retirement. In fact, 22% of baby boomers (those born between 1946 and 1964) report having less than $25,000 in retirement savings.
If your retirement savings are not quite up to par, the IRS provides a catch-up clause that applies to people over the age of 50.