10 Milestone Ages You Should Know

By Sunwook Jin, CFP®, CRPC®, CMFC®

Age 50:  Catch-up contributions for IRA, 401(k), 403(b) and other employer-sponsored retirement plans

Age 55:  Penalty-free withdrawals from 401(k) or 403(b) if separated from service.  Additional contributions to Health Savings Accounts

Age 59 1/2:  Penalty-free withdrawals from IRA

Age 60:  Minimum Social Security survivors benefits

Age 62:  Minimum Social Security retirement benefits.  Minimum Social Security spousal benefits.

Age 65:  Medicare begins.  HSA penalty-free withdrawals for non-qualified medical expenses.  However, qualified medical expenses are tax-free.

Age 66:  Full Retirement Age for retirees born 1943–1954.  Maximum spousal benefits for spouses born 1943–1954.  Maximum survivors benefits for survivors born 1945–1956

Age 67:  Full Retirement Age for retirees born 1960 or later.  Maximum spousal benefits for spouses born 1960 or later.  Maximum survivors benefits for survivors born 1962 or later.

Age 70:  Maximum Social Security retirement benefit.

Age 70 1/2:  Required minimum distributions for traditional IRAs and some retirement plans.

 

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