From tackling taxes to doubling down on debt — here’s what Americans can (and should) do at age 59 ½

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Age 59 ½ isn’t considered a popular milestone, but it probably should be. At this age, a flurry of new financial options and benefits become available to you.

It’s also a good time to double-down on your investment strategy so that you can make your retirement as comfortable as possible.

If you’re quickly approaching or already at this underrated milestone, here’s what you should know.

Once you turn 59½, retirement account withdrawals are no longer subject to the 10% early withdrawal penalty, making it easier to access your 401(k), Roth IRA, or other qualified plans. While tapping into these funds isn’t always necessary, having the option provides added financial flexibility as you approach retirement.

This age is also ideal for starting Roth IRA conversions—moving money from traditional retirement accounts into a Roth IRA. You’ll pay taxes now, but future withdrawals will be tax-free. Converting before age 73, when Required Minimum Distributions (RMDs) kick in, can also help manage your tax burden.

Since the median retirement age is 62, by 59 ½, you should be ramping up your efforts in this final stretch.

Given the complexity of these calculations, working with a trusted, pre-screened financial advisor can help you develop a solid retirement plan and optimize your withdrawal strategy.

According to research by Vanguard, people who work with financial advisors see a 3% increase in net returns. This difference can be substantial over time.

If you’re unsure which path to take amid today’s market uncertainty, it might be a good time to connect with Advisor.com.

This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.

Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.