You have spent years planning for retirement, do not let a missed deadline derail your financial future. As you approach and enter retirement, there a several important age deadlines to be aware of. Below is a list of these important deadlines to make sure your retirement plan runs smoothly.
You are eligible to make “catch-up” contributions to your retirement accounts. The catch-up contribution limit is $1,000 for IRAs and $6,500 for 401(k) and 403(b) plans. Other retirement plans may have different limits, please check IRS.gov/retirement-plans for more details1
If you are a qualified public safety employee with a governmental defined benefit or defined contribution plan, you are able to begin distributions from these plans without incurring an additional 10% penalty2
Known as the rule of 55, you can withdrawal funds from your current 401(k) or 403(b) plan without incurring an additional 10% penalty3
Age 59 ½
You may begin taking withdrawals from retirement accounts without incurring an additional 10% penalty1
You may elect to begin taking Social Security retirement benefits5
Age 64 ¾
Eligible participants may enroll in Medicare. The Initial Enrollment Period (IEP) begins three months before your 65th birthday4
For those born between 1943 and 1954 your full retirement age for social security benefits is 665
For those born between 1955 and 1960 your full retirement age for social security benefits is 675
If you have chose to delay Social Security retirement benefits, your benefit increase will stop at age 706
Required Minimum Distributions (RMD) must begin1
Everyone’s situation is different. If you have questions about these deadlines or any other retirement planning questions, please reach out to our team and we would be happy to help!