Key retirement milestone ages to track

Catch-up contributions age 

To help those nearing retirement save more, the IRS has higher contribution limits for 401(k) plans and IRAs. Known as “catch-up contributions,” you can boost your retirement accounts with these extra funds beginning the year you turn 50.

The “rule of 55” withdrawal age 

If you leave your employer in the year you turn 55 or later, you can start taking penalty-free withdrawals from 401(k), 403(b) and profit-sharing plans. This only applies to withdrawals from plans you were contributing to at the time you left your job.  

HSA catch-up contribution age 

You may be able to make catch-up contributions to your health savings account (HSA) at this age. 

Retirement account withdrawal age 

You can begin taking withdrawals from qualified retirement plans such as 401(k) plans and IRAs without incurring the 10% early-withdrawal penalty from the IRS. 

Social Security survivor benefits age 

You may start taking Social Security survivor benefits, if applicable. 

“Super” catch-up contributions age 

Individuals who are 60 to 63 years old can make extra catch-up contributions to their 401(k), 403(b), 457(b), SIMPLE IRA and SIMPLE 401(k) plans. These “super” contributions are in addition to the catch-up contributions that begin at age 50. 

Early Social Security benefits age 

Age 62 is the earliest age at which you can collect Social Security; however, your monthly payment will be a reduced amount if you start taking your benefits at this time. Generally, you can expect to receive 70% of your Social Security benefits if you begin collecting Social Security at 62 years old, while waiting will lead to a larger payout. 

Medicare enrollment age 

Your 65th birthday is when you become eligible for Medicare coverage. You can begin enrolling for benefits in the three months leading up to your birthday, your birthday month, and for three months after it. It’s generally advisable to sign up for Medicare during this window, even if you already have health insurance through your job. If you don’t sign up for Medicare in a timely fashion, you risk being subject to penalties and permanently higher premium prices. 

Full Social Security benefits age 

At age 66 or 67, depending on your birth year, you are eligible to receive 100% of the Social Security benefits you are entitled to. However, you still have the option to wait to collect benefits for a bigger payout: Any delay in collecting Social Security benefits, up to age 70, can qualify you for increased benefits. 

Maximum Social Security benefits age 

At age 70, you are eligible to receive the maximum amount of Social Security benefits you are entitled to, which is around 124%. Waiting to claim Social Security beyond 70 years old will not increase your benefits, so if you haven’t yet collected Social Security, it’s advisable to start no later than your 70th birthday. 

Qualified charitable distributions age 

The age at which you may start taking qualified charitable distributions (QCDs), if eligible and appropriate. 

Required minimum distribution (RMD) age 

The age at which the IRS requires you to take RMDs from most retirement accounts depends on the year you were born. The current RMD age is 73. In 2033, the RMD age is set to increase to 75 for individuals born in 1960 or later.