Retirement Milestones

Looking ahead to retirement is exciting for some and troubling for others. Regardless of what camp you fall in, there are some important Milestone ages you should look out for as retirement gets closer.


50 You can make catch-up contributions to retirement plans including 401(k)s and IRAs


55 You can take penalty free withdrawals from 401(k)s and 401(b)s if you separate service at 55 or after.


59 ½ You can take penalty free withdrawals from IRA’s


60 You can claim Social Security Survivor’s benefits


62 You can claim minimum Social Security worker’s or spousal benefits.


65 Medicare Eligible & Penalty free withdrawals from HAS


66 Full Retirement age if born 1943-1954


67 Full Retirement age if born after 1960


70 Maximum age to defer social security


72 Must take Required Minimum Distributions from retirement accounts


As you can see, the IRS keeps you pretty busy once you hit age 50. These milestone ages are very important to consider when making decisions on when to retire and what benefits to take. It is a good idea to consult a professional to see how much these milestones affect your current plan for retirement.



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