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February 17, 2009

59 and a Half (Age)

Your Guide

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Definition

6-months after the 59th anniversary of an individual’s date-of-birth.

The significance of age 59 ½ is that distributions taken as of that age are not considered early distributions.

Distributions taken before the retirement account owner reaches age 59 ½ are considered early distributions and are subject to the early distribution penalty unless an exception applies

 

Referring Cite

Treas. Reg. 1.401(a)(9)-2, Q&A 3, as it relates to six months after the anniversary date of the birth

Additional Helpful Information

An individual attains age 59½ as of six calendar months after the 59th anniversary of the individual’s birth date. For example, if an individual’s date of birth was June 30, 1950, the 59th anniversary of such individual’s birth is June 30, 2009.  Such individual attains age 59½ on December 30, 2009.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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