9 Important Birthdays For Your Finances

Apr 4

Not only do our kids grow up so fast (I promise I am not crying *sniff sniff*) but, so do our wallets. Pay attention because here are the 9 Important Anniversaries/Birthdays for your life in personal finance:

19 or 24: Depending on whether you’re going to college or not, this is the oldest you can be for your guardians to claim you as a qualifying child dependent on their taxes.
21: No, not what you are thinking when you typically think of turning 21. Now, You can now start contributing to a SEP IRA.
26: You can no longer be on your parents’ health insurance. You are now really adulting.
50: You can make catch-up contributions to HSAs, IRAs, and workplace retirement accounts.
59 ½: Half birthdays aren’t just for kids. You’re allowed to pull from retirement accounts (though you can take your contributions from a Roth account whenever you want).
62: You’re eligible for Social Security Income benefits. Warning: If you don’t wait until you reach “full retirement age,” then your benefits will be subject to a (not so cute) haircut.
Somewhere between 66 and 67: You’ve reached full retirement age, depending on when you were born.
70: If you’ve waited to get Social Security Income, it’s now reached its peak amount. Wait no more. Claim it!
72: You’re subject to Required Minimum Distributions (RMDs) from your traditional retirement accounts (though this may change). Roth accounts and HSAs don’t have RMDs.