Ages for financial planning

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Ages for financial planning jIM 09-29-2006  Re: Ages for financial planning DFIGTREE 09-29-2006
Posted by jIM on September 29, 2006, 11:10 am T Rowe Price sent it's lateest issue (Sept-2006) this week. One article I found informative listed ages for financial planning milestones. However for my own purposes I found some issues missing. Entire article http://www.troweprice.com/common/index3/0,3011,lnp%253D10039%2526cg%253D1230%2526pgid%253D7955,00.html?rfpgid=8175 ages article listed: 50 (catch up contributions) 55 (can take distributions from employers retirement plan without 10% penalty) 59 1/2 (can take traditional IRA withdraws without 10% penalty) 62 can start taking SS with a 25% reduced payout 65-67 can start taking SS 70 maximum SS benefit 70 1/2 must start taking RMD's from traditional IRAs What I was looking for and did not see: What age to consider LTC insurance? Any tax deductions which are correlated to age? Not sure, but thinking it might be worth discussing. Is their a maximum age someone would have $$ in a traditional IRA? meaning RMD's would eventually exhaust account from IRS tables, correct? What age is this? I would assume this would be someone which lived longer than the life expectancy table. Posted by DFIGTREE on September 29, 2006, 4:58 pm jIM wrote: > T Rowe Price sent it's lateest issue (Sept-2006) this week. One > article I found informative listed ages for financial planning > milestones. However for my own purposes I found some issues missing. > > Entire article > > http://www.troweprice.com/common/index3/0,3011,lnp%253D10039%2526cg%253D1230%2526pgid%253D7955,00.html?rfpgid=8175 > > ages article listed: > > 50 (catch up contributions) > 55 (can take distributions from employers retirement plan without 10% > penalty) > 59 1/2 (can take traditional IRA withdraws without 10% penalty) > 62 can start taking SS with a 25% reduced payout > 65-67 can start taking SS > 70 maximum SS benefit > 70 1/2 must start taking RMD's from traditional IRAs > > What I was looking for and did not see: > > What age to consider LTC insurance? > Any tax deductions which are correlated to age? Not sure, but thinking > it might be worth discussing. > Is their a maximum age someone would have $$ in a traditional IRA? > meaning RMD's would eventually exhaust account from IRS tables, > correct? What age is this? I would assume this would be someone which > lived longer than the life expectancy table. What age to consider LTC? When are you going to need it. Could be any age. Life's a beach. I asked an eldercare lawyer that question two days ago. He said 40. So, forty works for me. I will leave the second question for an account. The third question is confusing. You have to start taking money out of a traditional IRA on the April 1st following the date you reach 70 1/2. If your IRA is extraordinarily well managed you could have moolah forever. It would never be exhausted. ======================================= MODERATOR'S COMMENT: Please trim the post to which you are responding. "Trim" means that except for a FEW lines to add context, the previous post is deleted. Similar Threads Posted need to do financial planning September 24, 2006, 10:34 am Help with some financial planning September 24, 2006, 2:47 pm best approach to financial planning October 2, 2006, 7:15 pm Personal financial planning December 30, 2006, 10:15 am Dental Financial Planning January 31, 2007, 5:27 pm Choices to be made in Financial Planning April 8, 2007, 7:38 pm financial planning for natural disaster May 7, 2007, 12:44 pm Business Model for Personal Financial Planning March 29, 2007, 5:00 am cancer and financial planning/home purchase May 10, 2008, 5:06 pm SEP-IRA planning Help December 13, 2006, 4:30 pm