First Baby Boomers Reach IRS Retirement Age July 1, 2005; InFRE Announces July 1st as Retirement Readiness Day
While much attention has been directed to Baby Boomers' eligibility for Social Security in 2008, another important milestone has been largely overlooked. On July 1st, 2005, the first Baby Boomers reach retirement age-- as defined by the Internal Revenue Service. Those born January 1, 1946 turn age 59&1/2 today, and may withdraw from retirement accounts without the stiff tax penalties levied on early withdrawals.
To raise awareness of this event, InFRE has designated July 1 as Retirement Readiness Day. Instead of simply focusing on this new withdrawal opportunity, InFRE urges individuals to plan for ongoing retirement income that will help them reach their life goals. www.infre.org
The emphasis has been on accumulating money for retirement. Today is important because it spotlights the need for managing retirement income, notes Betty Meredith, CFA, CFP, CRC, Director of Research and Education for InFRE. If retirees take distributions from their retirement accounts too early or too fast, they may run out of money later when they're unable to work.
Unlike Social Security or defined benefit pensions, most personal account plans401(k), 403(b), SIMPLE plans and IRAs- dont provide a guaranteed income for life. To make sure their money lasts as long as they do, individuals and their advisors need new approaches, according to Kevin Siebert, CFP, CRC, Managing Director of InFRE. About 10,000 Baby Boomers will reach IRS retirement age todayand every day for the next 19 years. Today symbolizes a new era for retirement education the era of retirement income management.
About InFRE
InFRE is The International Foundation for Retirement Education. Founded in 1997, InFRE is affiliated with the Center for Financial Responsibility at Texas Tech University. In addition to research and education activities, InFRE offers the Certified Retirement Counselor® and Certified Retirement Administrator® designations. Other than the CERTIFIED FINANCIAL PLANNERTM, these are the only financial certifications which can be earned through university coursework as well as self study and examination.
CERTIFIED FINANCIAL PLANNERTM is a trademark of the CFP Board, which is not affiliated with InFRE.
Contact:
Kevin Seibert, (847) 756-7350 x132
Or
John Nelson, (608) 217-1493
www.infre.org
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