Important 2016 Dates For Retirees

  • April 1
    Take Your Require Minimum Distribution
    You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 70 ½ . Roth IRAs do not require withdrawals until after the death of the owner.
  • April 18
    Federal Tax Filing Deadline
    The filing deadline and due date for Federal Income Tax Returns is April 18th.
  • April 30
    Deadline to File and Suspend Social Security Benefits
    By May 1st, no one will be able to collect Social Security benefits during a suspension period, and the ability to request a lump-sum payout of suspended benefits will disappear. You have until then to file and suspend Social Security benefits under existing rules for anyone 66 or older.
  • June 15 and September 15
    Deadline for Quarterly Taxes
    Second and Third quarterly tax payments are due.
  • October 15
    Open Medicare Enrollment Begins
    Medicare Part D prescription drug plans will end December 7th. Retirees should review their coverage and shop for the best-priced plans because plans can change their list of covered drugs and prices from year to year.
  • December 31
    Deadline for End-Of-Year Tax Moves
    You must take annual required minimum distributions from retirement plans, make any charitable donations that qualify for a tax deduction, as well as selling depreciated securities that can be used to offset investment gains.

-       Content prepared by Annie Albrecht, Worley Erhart-Graves Financial Advisors