- Age 50 - Allows for annual catch-up contributions to your IRAs and qualified retirement plans going forward.
- Age 55 - Allows for distributions from some 401(k) and 403(b) Plans without incurring the 10% penalty if you lose or leave your job. Other qualified plans may allow for this, but it is plan specific. Review the Plan SPD.
- Age 59 ½ - Earliest you are allowed to withdraw funds penalty-free from IRAs, annuities, and qualified plans.
- Age 60 - Allows for start of widow/widower benefits from Social Security.
- Age 60-63 – Allows for extra catch-up contributions for certain retirement plans.
- Age 62 - Earliest age that you can claim social security retirement benefits. If benefits are started at any age before full retirement age (FRA), you will incur a permanent reduction in the benefit.
- Age 65 - Eligible to sign up for Medicare.
- Age 66-67 - Full retirement age (FRA) for social security benefits. No reduction in benefit. See chart below.
- Age 70 - Start date for social security benefits if previously delayed past FRA. Delay after FRA provides an 8% annual benefit increase. There is no further benefit increase in delaying start date after you reach age 70.
- Age 70 ½ - Eligible to make a Qualified Charitable Distribution from your IRAs.
- Age 73 – Beginning at age 73, you are required to take an annual Required Minimum Distribution (RMD) from your IRA, 401(k), 403(b), and other qualified plans. First-year distribution can be delayed until April 1st of the following year. However, you will then need to take two RMDs in the year you are age 74. Delaying is rarely recommended.
- Age 75 - RMD start age raised to 75 in 2033. See chart below.
Consult with your professional advisors before acting on any of the information provided.