Sentences with phrase «reaching ages»

We have millions of baby boomers who are reaching ages where they require alot of medical care for the problems that are simply a part of the aging process.

We receive lower starting salaries, are promoted at slower rates, and drop behind — or out — of the workforce as we reach the age of family formation and childrearing.

The amount will increase when they reach age 67, although Jason says they'll only be eligible for partial state pensions, comparable to social security in the US.

Or they have to continue to work after age 65 themselves because they need their health insurance to cover their spouse until their spouse reaches age 65.

Once you quit your job, you can roll over your 401 (k) into a tax - free retirement plan such as an IRA, but you'll face taxes and penalties for withdrawals until you reach age 59 and a half.

Distributions from the plans aren't required until you reach age 70 - and - a-half.

But it's been growing over the past decade as more entrepreneurs and executives in this country reach an age and wealth level that makes them open to a new approach to asset management.

When you reach age 70 1/2, you will be required to take the required minimum distribution from the account every year.

«Right now 40 percent of males that reach age 50 won't make it to 74.

For each year you postpone claiming Social Security, your income increases by 8 percent until you reach age 70.

Reaching this age group meant going online.

There's a long - held belief in marketing that once consumers reach age 50, they're dead.

However, if the current year is the one in which you reach age 70 1/2, you are allowed to defer distributing this year's RMD until April 1 of next year.

But with a Roth 401 (k), all you need to do is transfer the money into a Roth IRA before you reach age 70 and a half — there will be no tax bill for this move — and you completely circumvent the RMD issue.

Just as with IRAs or 401 (k) accounts, employees must wait until they reach age 59 1/2 to withdraw SEP funds or else pay tax penalties.

Instead of looking to work more or grow his business, Ellis says he's aiming to «hang out with my wonderful kids before they reach an age when they're off all the time doing their own thing.

Normally, benefits stop when children reach age 18 unless they are disabled.

Once you reach age 50, you qualify for an extra $ 1,000 IRA catch - up contribution.

In proposing a national trust fund that would award every American 15 pounds upon reaching the age of 18, Thomas Paine said, «It is not charity but a right, not bounty but justice, that I am pleading for.»

So once you reach age 70 1/2, a formula is used to determine how much you must withdraw each year.

And you won't pay taxes on withdrawals of your earnings as long as you take them after you've reached age 59 1/2 and you've met the 5 - year - holding - period requirement.

A revision in the residency requirements made it possible for applicants to discount absences if they had lived in Canada for a total of 40 years after reaching the age of 18.

If you are successful in your investment strategy (and many of you will be) and the government keeps spending like crazy (which it no doubt will) then it is quite possible that your tax bracket or tax rate will go UP when you reach age 59 1/2.

* A distribution from a Roth IRA is tax - free and penalty - free provided that the five - year aging requirement has been satisfied and at least one of the following conditions is met: you reach age 59 1/2, make a qualified first - time home purchase, become disabled, or die.

It is important to note that once a beneficiary reaches the age of majority, they alone are solely entitled to receive the proceeds of any withdrawals or transfers.

Traditional IRAs force you to take required minimum distributions (RMDs) every year after you reach age 70 1/2, regardless of whether you actually need the money.

A man reaching age 65 today can expect to live until age 84, while a woman turning 65 today can expect to live to more than 86.5 years old, according to the SSA.

5 % of the time, it would drain the account before you reached age 95.

The adult custodian is responsible for the account until the minor reaches the age of majority.

But if you own a traditional IRA, you must take your first required minimum distribution (RMD) by April 1 of the year following the year you reach age 70 1/2.

A distribution from a Roth IRA is tax free and penalty free provided that the 5 - year aging requirement has been satisfied and at least 1 of the following conditions is met: you reach age 59 1/2, die, become disabled, or make a qualified first - time home purchase.

A distribution from a Roth IRA is tax free and penalty free provided that the five - year aging requirement has been satisfied and at least one of the following conditions is met: you reach age 59 1/2, become disabled, make a qualified first - time home purchase, or die.

Starting in the year you reach age 70 1/2, you will need to begin taking required minimum distributions (RMDs) and paying ordinary income taxes on the distribution amount.

However, if you have reached age 67 or older, you will be granted credits for your deferred retirement.

Wages from previous years are multiplied by a factor, based on the years in which each salary was earned and the year in which the claimant reaches age 60, to give an amount comparable in buying power based on the current value of the dollar.

However, in order to be eligible, the client must be eligible to take a lump sum distribution from the qualified retirement plan in question (typically meaning that he or she has reached age 59 1/2, become disabled or retired, or died).

If your widow or widower remarries after they reach age 60 (age 50 if disabled), the remarriage will not affect their eligibility for survivors benefits.

If your widow, widower, or surviving divorced spouse remarries after they reach age 60 (age 50 if disabled), they will continue to qualify for benefits on your Social Security record.

However, the insurance company will keep the proceeds that are paid into the contract if the annuitant dies before reaching the age of payout.

If your widow, widower, or surviving divorced spouse remarries before they reach age 60 (age 50 if disabled), they can not receive benefits as a surviving spouse while they're married.

Owners of traditional IRAs must begin taking RMDs once they reach age 70.5, or pay a stiff federal penalty if they don't.

Generally, your first required distribution from a traditional IRA or retirement plan is in the year you reach age 70 1/2.

Your 70th birthday was December 2, 2016, so you will reach age 70 1/2 in 2017.

* After you reach age 70 1/2, the IRS generally requires you to withdraw an RMD annually from your tax - advantaged retirement accounts (excluding Roth IRAs).

Required minimum distributions, often referred to as RMDs or minimum required distributions, are withdrawals that the federal government requires you to take annually from traditional individual retirement accounts (IRAs) and employer - sponsored retirement plans after you reach age 70 1/2 (or, in some cases, after you retire).

Since this first distribution generally must be taken no later than April 1 following the year you reach age 70 1/2, this date is known as your required beginning date.

An example of being flexible might involve withdrawing extra money in the years prior to reaching age 70 1/2 and required minimum distributions (RMDs).

You can take it during the year you reach age 70 1/2, or you can delay it until April 1 of the following year.

With 10,000 baby boomers reaching the age of 65 every day and living longer, it may be worth taking a closer look to ensure your retirement assets will fund your longevity.

When you reach the age of 59 1/2 you are allowed to withdraw the money from your account, minus state and federal income taxes on the full amount.