Did you know there are certain milestone birthdays – or even some birthdays between milestones – where opportunities present themselves to make additional contributions to savings accounts, IRAs and other retirement funds in order to get even more mileage out of our money?

For example, at age 50, the IRS allows people to make “catch up” contributions to retirement savings accounts. That’s good for just about every type of account that falls into the category: 401(k) plans, 403(b), 457(b), traditional IRAs, SIMPLE 401(k)s and SIMPLE IRAs. If there were times in your past that you couldn’t fully contribute or match your employer’s contribution to your savings, this is a great time to do so.

Thinking of retiring around your 55th birthday or beyond? That will allow you to take distributions from your employer-sponsored 401(k) without getting hit with the 10% early withdrawal penalty. Otherwise, that penalty will apply until you reach 59 ½.

Looking at a cake with 62 candles? Good news: you’re now eligible for Social Security benefits if you need them. If you can afford to wait, you’ll get slightly more in your deposit each month, but the amount of your benefit will vary depending on when you were born. For example, if you were born after 1960, when you reach 62, you’ll get 70% of your earned benefits.

If the family and friends gathered around the party are serenading you with the Beatles’ classic “When I’m 64” at your last birthday, take note: You have seven total months to enroll for Medicare, window that opens three months before your 65th birthday. If you’re already receiving Social Security, however, you might want to check and see if you’re already registered. There’s information available for you at Medicare.gov to help clarify.

On your 70th birthday, even if you’ve chosen to defer, you’ll begin receiving Social Security benefits. The good news is, you’ll now receive your maximum benefit. If you’re still working, the benefit will still be distributed, but you’ll start to pay both Social Security and payroll tax on your total earned income.

Within the next six months, by the time you turn 70 ½, it will be required that you begin to receive minimum distributions from your tax-deferred retirements by April 1 following your 70th birthday. There are some exceptions.

If this is confusing or if you’re not sure the best way to get the most of your money as you enjoy retirement, or as you continue working into your golden years, contact me for advice. We can sit down together, discuss your options and your goals and make decisions that will work best for you and your future. You’ve worked hard for your money; now it’s time for your money to work hard for you.

Avoid the common mistakes most women make about money, especially when they are in crisis- divorce, widowed, etc. Schedule a free consultation with me at Calendly.com/contactagrace; or call me at 716-817-6425.

“I wish I had known.” “Why didn’t someone tell me?” “This is news to me.

How many of us have uttered at least one of those phrases in the last few months? How about over the last few years? We want to be informed. We are smart, independent, empowered women who are ready to take charge of their future. But how, exactly, do we do that? How do we get informed?

The easiest way to start is for every woman to ask herself some questions.  

1. When thinking about your future, what keeps you up at night?
   1. My family, kids or grandkids future
   2. Did my husband put enough money away for us?
   3. How is my portfolio?
   4. Has my 401(k) done well and will it last through retirement?

No matter what it is that makes you worry about finances, there are resources available to strengthen your ability to make the tough decisions.  The key is to access those resources and make decisions about those financial matters that are unsettled.  Ignoring the nagging questions won’t make them go away!

2. How involved would you like to be with your household finances and financial plan?
   1. I’d like to have a better understanding
   2. I’m fine with things the way they are
   3. I’d like to be able to collaborate with a financial professional to make some of my decisions.
   4. I’d like to be able to have some of my decisions made for me.

I don’t think many of us are truly “fine with the way things are” especially if we have not armed ourselves with the right knowledge to make sound judgements on our financial future. Whether we are an independent thinker, or someone who likes to collaborate, making decisions in a vacuum is a sure recipe for an unplanned financial future. And that ignorance brings fear and insecurity.

For even more guidance on how to Empower Yourself Financially attend this free seminar – November 16^th – Parkside Lodge, Buffalo. Register: https://empoweringfinancially.eventbrite.com/