From Kiplinger · · 1m 30s
Retirement birthday milestones you need to know
Your 50s, 60s and 70s unlock financial opportunities and strict federal deadlines that can make or break your retirement.
In brief
Your 50s, 60s and 70s unlock financial opportunities and strict federal deadlines that can make or break your retirement. Missing key age-based deadlines for 401(k) access, Social Security, Medicare, and required minimum distributions can cost you thousands in penalties and higher premiums. Originally reported by…
Birthday milestones unlock money moves
Hitting 50, 60, and 70 brings major financial opportunities and strict federal deadlines. Timing your moves correctly is essential to protecting your retirement savings.
“Timing your moves correctly is essential to preserving your nest egg”
Age 59 and a half unlocks 401k
You can withdraw from your 401(k) penalty-free starting at age 59 and a half. This is a major milestone for early retirement planning.
Age 62 starts Social Security choices
You can claim Social Security as early as age 62, but waiting until your full retirement age or 70 increases your monthly benefit significantly.
Age 65 triggers Medicare enrollment
Medicare enrollment opens at 65, and missing this window can lock you into higher premiums for life. A seven-month deadline determines your lifetime Medicare costs.
Age 72 requires minimum distributions
Required minimum distributions from IRAs and 401(k)s begin at age 72. Failing to take them triggers a 25 percent penalty on the amount you should have withdrawn.
Test your retirement knowledge now
Take the retirement birthday quiz to see if you understand these key milestones. Links below each question provide deeper information on each age.
At a glance
Missing key age-based deadlines for 401(k) access, Social Security, Medicare, and required minimum distributions can cost you thousands in penalties and higher premiums.
