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Important Deadlines for Your Retirement

September 01, 2022
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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.

Age 50

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

Age 50

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

Age 55

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

Age 62

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

Age 66

For those born between 1943 and 1954 your full retirement age for social security benefits is 665

Age 67

For those born between 1955 and 1960 your full retirement age for social security benefits is 675

Age 70

If you have chose to delay Social Security retirement benefits, your benefit increase will stop at age 706

Age 72

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!

 

1https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-catch-up-contributions#:~:text=Individuals%20who%20are%20age%2050,a%20SIMPLE%20401(k)

2https://www.law.cornell.edu/cfr/text/26/1.401(a)-1

3https://smartasset.com/retirement/401k-55-rule#:~:text=What%20Is%20the%20Rule%20of%2055%3F,even%20earlier%2C%20at%2050.

4https://www.ssa.gov/benefits/medicare/

5https://www.ssa.gov/benefits/retirement/learn.html#:~:text=Full%20retirement%20age%20is%20the,1960%2C%20until%20it%20reaches%2067.

6https://www.ssa.gov/benefits/retirement/planner/delayret.html