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46 and long-term employee wants explanation of retirement ages
Old 12-13-2009, 10:08 AM   #1
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46 and long-term employee wants explanation of retirement ages

Hi, I am 46 and the "retirement years" are arriving fast. I am confused about the significance of ages 50, 55, 62, 65, 67, and 70 on my retirement planning. I plan on staying with my current employer for the full 30 years which will put me at age 53. Is there a penalty for not waiting until 55? I do plan on getting a part-time job afterward. I am not currently concerned with the income from SS or my other retirement accounts. My current portfolio is $2.1M. Please explain. Thanks!
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Old 12-13-2009, 10:16 AM   #2
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mordme, welcome to the forum. Check out this to help identify the significance of the ages you are asking about: retirement-timeline: Yahoo! Finance
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Old 12-13-2009, 10:28 AM   #3
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Quote:
Originally Posted by mordme View Post
... I plan on staying with my current employer for the full 30 years which will put me at age 53. Is there a penalty for not waiting until 55? ...
If you have a pension from your current employer, you need to check with them on the rules. The pension amount would vary depending on how long you were with the company, at what age you retire, and at what age you choose to start taking that pension. (Not to mention choosing between a lump sum or monthly payments.) For example, leaving that company at age 53 may not hurt you but you might not be able to touch the pension until age 65 if you want the full pension amount. If you're lucky, your 30 years of service might give you some enhanced early retirment benefits, like being able to collect the full pension amount at an age younger than 65. But you really need to check with your company's pension administrator for details.

Just curios - you said "the full 30 years" - is 30 some magic number with your employer?
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Old 12-16-2009, 09:13 AM   #4
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Age 59.5 is missing
Quote:
I am confused about the significance of ages 50, 55, 62, 65, 67, and 70 on my retirement planning.
Age 55 has some implications on using the SEPP withdraws from a traditional IRA. You won't see this age on IRS documents, but doing some math might suggest this age is important.

Age 59.5 is when you can withdraw penalty free from an IRA.

62-65-67 I would have to read up on, I am no where near those ages, not sure. SS withdraws can probably start at those ages, but it depends on year of birth for what age you can draw SS from.

age 70.5 is when you are required to take RMDs from traditional IRAs.
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Old 12-16-2009, 09:30 AM   #5
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For me, age 55 is when I can begin drawing down from my (former) company's cash-balance plan. Like SS, there are benefits from waiting until taking out of that plan, or converting it into an annuity.
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