The Importance of Having a Hobby Skills That Enrich Us
January is National Hobby Month, and since it falls at the beginning of the year, it’s the perfect time to try something new! Hobbies add variety to your life and ensure you aren’t just living to work, so to speak. The best way to find a hobby you enjoy is to be open to new things. Whether it’s gardening, reading, drawing, running, fishing, crafting, or even beekeeping, finding an activity you enjoy is important. Here’s why! Hobbies are stress relievers. Hobbies offer a healthy escape from your busy lifestyle by keeping you engaged in something you find pleasure in. Instead of just relaxing on the couch and turning off your mind for a bit (which is totally acceptable sometimes), hobbies allow you to remain mentally productive while winding down at the same time. Hobbies also provide eustress . Believe it or not, one type of stress is deemed beneficial: eustress. If you aren’t overly stressed and are feeling a little under-stimulated, a hobby can provide activity for both your mind and body to keep you feeling excited about life and ready to take on new challenges and adventures.
Hobbies offer a social outlet. Some hobbies involve group activities, such as bowling, sports teams, book clubs, and even wine tasting. Connecting with others offers the social support humans depend on to lead a healthy and fruitful life. Who knows? Maybe you’ll find some great friends who share the same passions as you! Hobbies develop patience. When you take on a new hobby, you are tasked with learning something new. Whether you’re practicing a new instrument, learning a different language, or figuring out how to make jewelry, a learning curve is involved. Building new skills takes patience, a very important attribute for success. Finding a hobby that suits you may take some exploration and trial and error, but it is all in good fun! Make it your goal to try something new or learn a new skill each month until you find something that sticks. Once you do, you’re sure to find that hobbies are both enjoyable and enriching!
Important Ages for Your Retirement Key Milestones for Retirement Planning
Your retirement accounts all have different eligibility ages. If you have an IRA, 401(k), or other retirement accounts, you must pay attention to how your investments are doing, how much money you’re contributing, and what you are paying out in fees. There are also milestone ages to be aware of, too. But what are they?
retirement plan at the job you left. You would still owe income tax on the 401(k) withdrawal. However, if you roll over that 401(k) into an IRA, you must wait until age 59 1/2 to make withdrawals. Age 59 1/2 At age 59 1/2, you can officially withdraw from your IRA without penalty. If you are retired or have terminated employment and still have funds in your 401(k), you can access them at age 59 1/2 and not have to pay an early withdrawal penalty. Age 72 Required minimum distributions (RMDs) for retirement plans such as 401(k)s, 403(b)s, and IRAs begin at age 72. Keep in mind that if you forget to take an RMD, there is a 50% penalty based on the RMD you were supposed to take, on top of the tax you’ll owe. Understanding all of your options and your entire retirement timeline can help you plan for the future. Call us today for a complimentary review of your retirement plan and accounts.
Starting at age 50, let’s take a look.
Age 50 At age 50, if you are employed, you have the opportunity to make annual “catch-up” contributions in addition to your normal contributions. In 2022, those aged 50 and older can contribute an additional $6,500 to a 401(k), a 403(b), most 457 plans, and a government Thrift Savings Plan in 2022, totaling $26,000. Age 55 Starting at age 55, you may be able to withdraw from your 401(k) or other employer-sponsored retirement plans. If you leave your job after you turn 55, you can make penalty-free withdrawals from the
This is intended for informational purposes only and should not be construed as tax advice. Consult your tax advisor regarding your situation.
2 • CampbellWealth.com
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