Here Are 9 Important Ages to Understand as You Approach and Move Through Retirement

As you develop your retirement plan, you may notice that lots of decisions and events happen at various ages. Here’s a look at many of them.

1. Age 50

Beginning at age 50, you can make additional “catch-up” contributions to tax-advantaged retirement accounts such as IRAs or 401(k)s each year. For example, the contribution limit for IRAs in 2026 is $7,500, but those 50 and older can contribute an extra $1,100, for a total of $8,600. For 401(k) accounts in 2026, the regular limit is $24,500 — plus an $8,000 catch-up contribution for those 50 and older.

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2. Age 55

If you leave your job during or after the year you turn 55, you can take funds from a qualified employer-sponsored retirement plan, such as a 401(k) or 403(b), without a 10% penalty. This doesn’t apply to IRAs, or if you rolled a 401(k) or 403(b) into an individual IRA.

At 55, you can also start making catch-up contributions to a Health Savings Account (HSA).

3. Age 59 1/2

Beginning at 59 1/2, you can withdraw funds from an IRA without penalty. If it’s a traditional IRA, the withdrawal will count as taxable income, but if it’s a Roth IRA, that withdrawal will likely be tax-free.

4. Age 60

Those aged 60 to 63 can make “super catch-up contributions” to 401(k) accounts. Instead of the regular $8,000 catch-up contribution, they can contribute up to $11,250.

Starting at age 60, you may be eligible to collect Social Security survivor benefits — if your spouse or ex-spouse has died. (If it’s an ex, you’ll need to have been married for at least 10 years and not to have remarried.)

5. Age 62

Age 62 is the earliest age at which you can collect your Social Security retirement benefits. They’ll be smaller than if you delay for some years, but you’ll receive many more checks when you claim early, so ultimately the difference isn’t huge.

6. Age 65

At 65, you’re eligible for Medicare! It’s very important to avoid enrolling late, as there’s a hefty penalty you’ll be charged for the rest of your life. You can sign up in your birthday month, or in the three months before or after you turn 65. Those still working or still covered by employer-provided health insurance can generally put off signing up for Medicare, so read up on this tricky topic.

Also at age 65, you can withdraw money from your HSA for nonqualified expenses and not face a 20% penalty.

7. Age 66 or 67

Each of us has a “full retirement age” at which we can start collecting the full Social Security benefits to which we’re entitled, based on our earnings record. It’s 67 for those born in 1960 or later.

8. Age 70

According to various studies, delaying collecting Social Security until age 70 is the best move for most of us.

9. Age 73 or 75

At age 73, many folks with traditional retirement accounts need to start taking Required Minimum Distributions (RMDs). This age rises to 75 in 2033, for those born in 1960 or later.

Make a few notes on your calendar, so that you can make some smart moves at each of these ages.

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