Did you know there are magic ages in every society? At 13, a young person moves forward into adulthood with a Confirmation, Bar/Bat Mitzvah, or any other host of initiations.
Surprisingly with money, there are a few magic ages as well. In New Jersey, one is age 18. These young adults can make financial decisions by themselves.
Then there are other ages that are weird! Age 59 ½ has a lot to do with avoiding government penalties. A lot of government penalties drop off after 59 ½. Then there is another nasty age…70 ½. No, it’s not because you’re getting older. It’s just because money must be withdrawn from certain accounts to avoid more penalties.There are ways to do it and ways not to do it.
Be well and take care of each other. ~John P. Clark