Participant Corner: Key Dates as You Approach Retirement

participant memo orange tree

RPAG provides advisors with a FINRA-reviewed and compliance ready participant communication piece every month. The Participant Corner can be white-labeled and sent to plan sponsor clients to distribute to their employees, or can be sent directly to plan participants.

Download a copy of this Participant Corner by clicking here, or contact support@rpag.com to get an editable version that you can white label and distribute.

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At what age can retirement plan distributions begin? When can a person begin to receive Social Security? As you get closer to your retirement date you may start to wonder about your eligibility for certain withdrawals and programs you are entitled to. Refer to this timeline to remember important dates as you get closer to retirement.

(1) If the retirement plan allows.
(2) Partial, full or late retirement age is based on the year you were born. See ssa.gov for details.
(3) If a participant in a qualified plan is still employed and not a greater than 5 percent owner, they are not required to start minimum distributions from that plan until they retire.
Distributions before the age of 59½ may be subject to an additional 10% early withdrawal penalty.
Distributions and withdrawals are subject to ordinary income taxes.
Source: Principal Financial Group