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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