If you're among the millions of baby boomers, a retirement that once seemed far off could be right around the corner. It will probably take at least 70 percent of your current income to maintain your standard of living after you retire. To figure out how much you'll need, visit www.choosetosave.org/calculators. The chart below provides a guide to retirement based on your age.
Retirement Timeline
| At 50 | Begin making allowable catch-up contributions to retirement accounts |
| At 59½ | You can begin penalty-free withdrawals from retirement accounts, but leaving money in place gives it more time to grow. |
| At 62 | This is the minimum age to receive Social Security benefits, but delaying means bigger monthly benefits. |
| At 65 | You are eligible for Medicare |
| At 66 | You are eligible for full Social Security benefits if born between 1943 and 1954 |
| At 70½ | Begin taking minimum withdrawals from retirement accounts to avoid tax penalties |
Good Neighbor Pharmacy, November 2012
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