After a lifetime of hearing grandparents and parents discuss their Social Security, baby boomers are realizing it is now their turn to collect. This 82-year-old program, originally designed to help senior citizens escape poverty in their older age, is actually available to anyone who has paid into the system and reached retirement age.
Anyone who has been through a divorce knows the life-changing toll it takes on a person, emotionally and financially.
When you reach age 59 1/2, you enter what we call the “tax sweet spot”. This is when you are allowed to make withdrawals from tax-deferred accounts penalty-free… but you aren’t required to actually make those withdrawals until age 70 ½.