Three important birthdays affect your retirement plan:
* At age 50, you can make extra “catch-up” contributions to your IRA and 401(k) savings. For 2013, these are $1,000 and $5,500, respectively.
* After age 59½, you’re eligible to make penalty-free withdrawals from your IRAs.
* Beginning no later than the year after you reach age 70½, you’re required to take minimum distributions from your traditional IRAs each year.
Need more details? Contact our office.