September 29, 2023

Futureality

Future Depends on What You Do

10 Important Ages for Retirement Planning | Aging

When planning for retirement, even if that’s a decade or two down the road, it’s essential to keep track of certain milestones along the way. If you miss key deadlines, you could incur penalties. In addition, it’s critical to have a strategy for claiming Social Security at the right time to maximize your retirement income.

Here are some important retirement dates to keep in mind.

  • Max out retirement accounts at age 49 or younger.
  • Take advantage of catch-up contributions beginning at age 50.
  • Your 401(k) withdrawal age could be 55.
  • Penalty-free withdrawals begin at age 59 1/2.
  • At age 62, you are eligible to begin Social Security payments.
  • Medicare eligibility begins at age 65.
  • The Social Security full retirement age is 66 for most baby boomers.
  • Age 67 is the Social Security full retirement age for younger generations.
  • You can boost your monthly Social Security payments if you delay claiming until age 70.
  • The required minimum distribution age is now 73.