As retirees, you might focus more on enjoying retirement instead of working on retirement plans, taxes, and healthcare. However, important dates are coming up in all three areas. We have prepared a list of dates to watch in 2021 to help you maximize benefits and minimize penalties.
Retirement Plan Dates for Retirees to Watch
Even though you are already retired, it is still important to pay attention to your retirement plans.
January 1. Start the year right on January 1st by reviewing your current retirement plans. Most annual maximums have remained the same as 2020:
- Contributions to an employer’s savings plan: $26,000 for people over 50, $19,500 for younger workers.
- Traditional and Roth IRAs: $7,000 for people age 50 and up, $6,000 for all others
April 1. If you have not waived your 2020 required minimum distributions, you should do so by this date.
April 15. This is the deadline for making any last-minute 2020 IRA contributions.
December 1. Make your IRA qualified charitable distributions now.
December 15. Take any remaining 2021 requirement minimum distributions.
December 31. All requirements minimum distributions must be disbursed from your IRA by the end of the year. Also, qualified charitable distributions should be in the charity’s account by now.
2021 Dates Regarding Taxes
Taxes are always significant, even for retirees.
April 15. This is the deadline for filing your 2020 federal tax return. Taxes are due by this date, even if you request an extension for submitting your actual return. Also, your first 2021 estimated tax payment is due on this date.
June 15. Pay your second quarter estimated taxes, if any, on this date.
July 1. Take this date to review your 2021 tax situation. Check for any overlooked tax deductions. Also, consider paying your estimated tax bill now to avoid underpayment penalties.
September 15. Pay your third 2021 estimated tax payment now. Another option for retirees? Withhold taxes from your 2021 requirement minimum distributions.
October 15. This is the last date to submit your 2020 tax return if you filed for an extension.
Retirees and Healthcare
Having the right healthcare plan is critical to your future, especially since open enrollment times are limited.
March 31. Medicare’s general enrollment ends today, as well as the open enrollment period for Medicare Advantage.
September 30. Look for Medicare’s annual notice of 2022 benefit and premium changes if you have not already received yours.
October 15. Medicare open enrollment runs from October 15 through December 7. Give your plans a thorough review and choose the options you need for 2022 coverage.
November 1. Most early retirees can choose a plan from the Affordable Care Act’s marketplace during open enrollment.
December 7. Open enrollment for Medicare plans ends today.
December 15. Open enrollment for Affordable Care Act coverage ends on this date.
Planning is Critical for Both Retirees and People Hoping to Retire Soon
Attorney Robert Slutsky was one of the first lawyers in Pennsylvania to focus on elder law issues, including Medicaid. Since 1992, he has helped countless people find solutions that work for their individual situations.
For a listing of skilled nursing and rehabilitation facilities, please check out our Chester County PA Elder Law Directory and Senior Guide online at: