Age Milestones Can Trigger Financial Planning Actions

Reaching certain age milestones can be significant for many different reasons. Beyond birthday celebrations and life changes, such as retirement, age milestones are meaningful for financial planning.

Milestones can trigger important tax and financial planning actions that may be missed. Talking with an advisor can help individuals and families plan and stay on track with their financial planning. In fact, age milestones play a large role when planning for Medicare or Social Security and making decisions about charitable giving or in-service non-hardship withdrawals from a retirement plan.

Many aspects of the tax code are linked to age requirements.

Milestones to watch can begin as early as age 18 for children. Here are some examples.

Examples of Key Milestones to Consider