If you’re planning for retirement, knowing the milestones is essential to avoiding taxes, penalties and missed opportunities.

We’ve written this quick reference guide based on hundreds of client conversations and ever-changing tax law. It outlines what you should be doing at each stage, from age 50 through your 70s (and beyond), to stay on track. Learn about optimizing your 401(k) withdrawals, navigating Social Security claiming, and making informed decisions about healthcare and estate planning.

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Here are the key retirement ages in text format:

Key Ages in Retirement Planning: What You Need To Know Starting at Age 50

Age 50: You Can Start Making Catch-Up Contributions To Retirement Accounts

Workplace Retirement Plans (401k, 401a, 403b, 457 etc) allow an additional $7,500, while IRA limits allow for another $1,000 in annual contributions  

Age 55: HSA Catchups

You can make catch-up contributions to a Health Savings Account (HSA), increasing your contribution limit by $1,000.

Age 55: Exemption From 10% Workplace Retirement Plan Early-Withdrawal Penalties

You may be exempt from the 10% early withdrawal penalty on company retirement plan (401k, 403b, 401a, 457) distributions if you leave your job or retire early.

Age 59 1/2: Avoid 10% Early-Withdrawal Penalties on IRA’s

After age 59.5, the 10% early withdrawal penalty no longer applies to IRAs, Roth IRA’s or other qualified retirement plans.

Age 60: Social Security Survivor Benefits

A surviving spouse becomes eligible for Social Security benefits.

Age 60-63: Larger Catch-Up Limits

Workplace Retirement plans have an additional limit of 150% of the regular catch-up amount is for a given year, or $10,000 (whichever is greater)

Age 62: You become eligible for early retirement benefits from Social Security

62 is the earliest age you can claim social security, with drawbacks: a reduced benefit for life and possible further reduction if you have earned income.

Age 65: Medicare Enrollment

The Medicare initial enrollment period begins 3 months prior to your 65th birthday month and extends 3 months after

Ages 66–67: Social Security FRA Reached

You become eligible for full retirement age benefits from Social Security, with no reductions from early claims or additional earned income.

Age 70: Maximum Social Security benefits

If you’ve waited to claim social security benefits, there’s no additional benefit to delaying past age 70.

Age 70 1/2: Qualified Charitable Donation eligibility from an IRA

You can give up to $105,000 (indexed for inflation) directly from your IRA to a qualified tax-deductible charity.

Age 73: Required Minimum Distributions (RMDs) begin.

At age 73 (and thereafter), you must begin taking annual distributions from tax-deferred retirement accounts, such as 401ks, 403bs, traditional IRAs, etc. (Roth accounts are excluded)

As of 10/24. Source: IRS.gov, medicare.gov, ssa.gov