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!
2https://www.law.cornell.edu/cfr/text/26/1.401(a)-1
4https://www.ssa.gov/benefits/medicare/
6https://www.ssa.gov/benefits/retirement/planner/delayret.html