Home | Personal Finance | Important age milestones in retirement planning
Important age milestones in retirement planning

When it comes to retirement planning, it is an ongoing, dynamic process. However, there are some important ages in your retirement journey which matter more and are more important than the others. Thinking about money the rest of your life can be daunting, but instead of doing it all at once, break it down and compartmentalize the process and journey of your retirement planning according to the following five age milestones to make it a little easier on yourself.

  • Age 55: 55 is an important age for those who have a retirement plan through their employers, such as 401(k). One is allowed to withdraw retirement savings penalty-free from such plans after the age of 55 as long as one isn’t working with the said employer. While this is useful if one plans to retire early, the 401k cannot be rolled into an IRA. Many businesses also consider 55 as senior citizen age, and one can take advantage of discounts offered.
  • Age 59½: This is the widely-usual age at which one can withdraw money from their retirement accounts, (IRAs included) without having to pay a penalty. One can withdraw even if they are still on the job.
  • Age 62: The 62nd year is monumental at this age one is eligible, if he/she chooses to, to collect Social Security benefits. The only drawback to this is that if one files for Social Security earlier, the standard retirement benefit that one could receive reduces by 30% for his/her entire life. Nevertheless, if one wishes to do so, then they become eligible for Social Security benefits from 62 years of age onward.
  • Age 65: 65 is important because this is where Medicare eligibility flags off, and it is also the age that is considered as ‘full retirement age’ by many public and private sector companies. The period for retirees applying necessarily for Medicare begins three months prior to one turning 65 and three months after their birthday, after which the premiums increase by 10% percent for every 12-month period that one was eligible for benefits but did not enroll.
  • Age 66/67: Depending on the year in which one was born, the full retirement age is between 66 and 67 for Social Security. If one is 66 years and a few months in between, their benefit will decrease by 6.7% for each year they apply early (up to 3 years), and by 5% for each year after that. If one applied later, their benefit will increase by 8% for each year they delay collecting their benefits beyond they reach their full retirement age.
  • Age 70: Last comes the age of 70, which is important for two reasons one, it is the last age one can wait till to file for Social Security benefits and second, one needs to begin making distributions from their retirement accounts at the age of 70½, if they haven’t done so, that is. There are no additional benefits of waiting longer to file benefits.

Featured Products

Featured Blogs

  • How to choose the right face cleanser according to your skin type
  • 4 TV repair service specialists that you need to know
  • 3 Natural treatments for easy bruising

Recent Blogs

  • Top RAM pickup trucks to choose from

    If you have always driven regular sedans or SUVs, then buying a new pickup truck can push you out of your comfort zone into unknown territory. Pickup trucks are considered the real workhorse for daily heavy-duty use as these vehicles are big, powerful, and boast excellent towing and haulage capabilities. RAM, formerly marketed as Dodge RAM is a name synonymous with the best pickup trucks with features and driving comforts that justify the price.

    Best new RAM trucks
    RAM pickup trucks are configured for heavy-duty and light-duty work. Here are some of the latest models of the best new RAM trucks with features and prices to help you make an informed decision.

    RAM 1500
    RAM 1500 trims, design, and performance features have been upgraded several times to introduce new innovations and technology. The latest RAM 1500 pickup truck boasts a 5.7L HEMI® V8 engine with etorque capable of towing 12,750 pounds. You can even upgrade to the supercharged 6.2L HEMI® V8 for the bigger trims. Alternatively, the RAM 1500 truck also comes with 3L and 3.6L V6 engines suitable for short distance towing and everyday city driving. The base trims of 2023 RAM 1500 Trucks start at $37,410.

    RAM 1500 Sport Appearance Package
    The 2023 RAM 1500 series also boasts a stunning Sport Appearance Package that transforms the vehicle inside and out. Key features include a new digital gauge cluster, branded decals, aluminum wheels, sport performance hood, and a sporty premium leather interior upgrade. The package can be customized according to the build and inventory while placing the order.

    RAM 2500
    The RAM 2500 series is an upgraded version of the pickup truck that comes with massive torque, traction, and towing capabilities. The heavy-duty pickup truck is available in two engine configurations, which include the 6.7L CUMMINS® turbo diesel engine churning out 850 lbs. of torque and the 6.4L HEMI® V8 engine with 429 lbs. of torque suitable for city and short-range hauls. Moreover, with the RAM 2500 trims, you get some great interior, exterior, safety, and infotainment upgrades that make the pickup truck worth its price. The base model is available at $44,675.

    Key features of RAM pickup trucks
    Most premium RAM pickup trucks are available in mega cab, quad cab, single cab, and crew cab versions. Another factor that sets the latest RAM trucks apart is their unique rear suspension and handling packages.

    After the Ford F-Series, best new RAM trucks are among the most preferred in the pickup truck category. Despite the popularity of crossover SUVs and hybrid vehicles, RAM sales have always shown a growth. GMC Sierra is one of the top contenders in the category; however, RAM pickup trucks offer useful features and upgrades for an affordable price.

    Pickup trucks have transformed the family car concept and it is best to always go with a pickup truck that has the latest safety gear and high mileage.

  • 7 alternative or natural treatments for melanoma

    Many people diagnosed with melanoma symptoms turn to natural ways to treat this condition. Here is a list of some popular natural or alternative treatments that can reduce melanoma symptoms.

    • Yoga and meditation: Yoga and meditation can help to live an overall healthy and calm life. The healing that comes from meditation and yoga could help to ease melanoma symptoms.
    • Acupuncture: Acupuncture can be considered an alternate approach for the treatment of melanoma symptoms. This treatment includes the insertion of needles at various points or regions of the body that could help in reducing the pain and other symptoms of melanoma. Acupuncture also helps to combat the side effects of radiotherapy. It is advisable to consult your doctor before opting for this treatment or any other alternate treatments.
    • Ayurvedic Remedy: Sometimes ayurvedic remedies can be helpful in handling melanoma symptoms. There are some ayurvedic ointments that might be useful in reducing the inflammation and infection and also in dissolving the visible tumor on the skin. They might also help in stopping the spread of cancer cells within the body. Ayurvedic treatment can also be combined with chemotherapy and radiotherapy to minimize the side effects. Ensure that you follow the treatment prescribed by registered ayurvedic physicians.
    • Turmeric: Turmeric, an age-old natural remedy for various diseases, contains anti-inflammatory and antibacterial properties. The compound curcumin, which is found in the turmeric spice, protects skin from damage as it contains antioxidants. You should try to include turmeric in your daily diet to help reduce the symptoms of melanoma.
    • Green Tea: You can start drinking green tea regularly. Green tea contains chemicals known as polyphenols that have antioxidant properties. This tea also contains epigallocatechin gallate that could help in preventing further complications of melanoma and destroy the cancer cells. You can consume up to 3-4 cups daily to ease melanoma symptoms.
    • Effects Of Garlic: Garlic has antibiotic properties and has been used as a natural remedy for the cure of various diseases for a long time. It also helps in strengthening the immune system. Garlic is said to have anti-cancer properties as well. It can function as an anti-tumor agent against melanoma.
    • Eggplant: It has been considered to be a natural skin cancer-fighting remedy. Eggplant can help in treating both invasive and noninvasive melanoma skin cancer. This vegetable contains curaderm BEC5 that works perfectly for easing the symptoms of melanoma. It also has active phytochemicals called solasodine glycosides that can help in destroying the cancer cells. Regular consumption of raw eggplant is strongly recommended.
  • 4 Best Cleaning Products for Wood Flooring

    Hardwood floors give a classy and elegant look. To maintain these floors, you have to put in a bit of work and use special cleaning products. Using a wrong cleaner or cleaning tool can damage wood floors, so be careful while choosing wood floor cleaning products.

    Wood floor cleaning and maintenance

    Cleaning hardwood floors can be challenging. You need to use some special wood floor cleaning products. Just sweep the floor regularly, and mop it once or twice a week. There are a number of wood floor cleaning products available in the market that can be the best to keep your wood floors look spic and span.

    Types of wood floor surface

    If your wood floors have a coating of a tough and durable sealant like Urethane or Polyacrylic, they are waterproof and more resistant to stains and scratches. If they are the wooden floors in old houses, these can stain and crack easily, they need more care and attention. Even treated wood floors that have been covered with a penetrating seal or oil are not as sturdy as finished floors.

    Cleaning tips to clean wood flooring

    -When cleaning any type of wood floor, even finished floors, use a damp mop to remove the grime and dust. Use of water can cause discoloration, swelling of wood etc
    -First, clear the floor of all clutters, including furniture
    -Use a soft broom, or soft pads or microfiber attachments with a vacuum cleaner. Sweep the floor regularly to prevent dust and dirt from getting deep into the cracks and grains on the wood surface
    -Use a small amount of dishwashing liquid to clean a spill or mud stains on finished wood floors
    -For treated of unfinished floors, use cleaning products recommended by the wood floorboards manufacturer. You can use best wood floor cleaning products on finished wood floors too, to remove tough stains

    Some of the best wood floor cleaning products

    You have to stock up on a set of cleaning tools like soft brooms, vacuum cleaners with soft mop head attachments, good floor cleaners, and soft cloths to clean your hardwood floors.

    Hardwood floor cleaners are specifically designed to clean wood floors. Some commonly used products are Murphy Oil Soap, Pledge FloorCare Wood Squirt & Mop, Bona Wood Floor Cleaner, and Orange Glo Hardwood Floor Cleaner. Most of the best wood floor cleaning products are vegetable oil based and non-toxic, but some use a lot of chemicals to tackle harder cleaning tasks.

    Murphy Oil Soap

    This is a commonly and easily available product, you can find it in grocery stores shelves. It does a good job of cleaning dirt and waxy buildup on your wooden floor. It is non-toxic, hence it is safe to use in homes with children or pets.

    Pledge FloorCare Wood Squirt

    This is a non-biodegradable chemical-based cleaner, and can leave a toxic residue. However, it is good for breaking up and cleaning hard spills and stains. It is cheap and easily available, like Murphy Oil Soap.

    Bona Hardwood Floor Care System

    This is an expensive product, used by professionals like wood floor installers. However, it does a great job without damaging them and is non-toxic. This is a cleaning product set. Besides the pH balanced, non-toxic heavy duty cleaner, the set includes a mop handle, a washable microfiber cleaning pad, and a microfiber dusting pad. The liquid floor cleaner can erase scuff marks and clean most stains and buildups.

    Orange Glo Hardwood Floor Everyday Cleaner

    This orange scented water-based non-toxic hardwood floor cleaner comes in a spray bottle, which makes it easy to use. You just have to spray it on the region you want to clean and wipe it with a mop. It is very effective in cleaning scuff marks and normal stains and spots. If you are looking for a product that can clean your floor and at the same time, make it look shiny and sparkling, you can try the Orange Glo Hardwood Floor 4-in-one Polish, a product that you can use once a month to give your floor a glowing finish.