• Retirement

Important Retirement Milestones

What to Know From Age 50 to 75

Retirement planning includes several important age-based deadlines and opportunities. As you move from your 50s into your 60s and 70s, different rules may affect retirement plan contributions, withdrawals, Social Security benefits, Medicare enrollment and required minimum distributions.

Understanding these retirement age milestones can help you identify decisions that may require additional planning.

Age 50: Catch-Up Contributions May Begin

Beginning at age 50, eligible workers may be able to make catch-up contributions to certain retirement accounts.

Catch-up contributions allow individuals approaching retirement to contribute more than the standard annual limit to workplace retirement plans and individual retirement accounts. Eligible accounts may include:

  • 401(k) plans
  • 403(b) plans
  • Thrift Savings Plans
  • Certain 457 plans
  • Traditional IRAs
  • Roth IRAs

Contribution limits are adjusted periodically. Review the current limits before making a contribution decision.

Certain public safety employees may also qualify for an exception to the additional tax on early retirement plan distributions after separating from service. Eligibility depends on the individual’s age, occupation and retirement plan.

Age 55: The Rule of 55 May Apply

The year you turn 55 may create an opportunity to access money from an employer-sponsored retirement plan without the additional 10% early withdrawal tax.

This exception may apply when you leave your employer during or after the calendar year in which you turn 55. The distribution generally must come directly from the retirement plan maintained by the employer you recently left.

Rolling the account into an IRA may cause the age-55 exception to no longer apply. Income taxes may still be due on taxable distributions.

This rule has specific requirements. A tax or financial professional can help determine whether it applies to your situation.

Age 59½: Broader Penalty-Free Withdrawal Access

At age 59½, withdrawals from many retirement accounts are generally no longer subject to the 10% additional tax on early distributions.

This may include withdrawals from:

  • Traditional IRAs
  • 401(k) plans
  • 403(b) plans
  • Other eligible employer-sponsored retirement plans

Pre-tax withdrawals are generally still taxable as ordinary income. Employer plans may also restrict withdrawals while an employee is still working.

Reaching age 59½ does not necessarily mean that taking withdrawals is the right decision. The effect on taxes, future income and long-term savings should still be considered.

Age 60: Survivor Benefits May Be Available

Age 60 is generally the earliest age at which a widow or widower who is not disabled may be eligible to claim Social Security survivor benefits.

The amount received may depend on several factors, including:

  • The age at which benefits begin
  • The deceased spouse’s earnings record
  • Whether the surviving spouse is working
  • Whether the surviving spouse later qualifies for retirement benefits

Claiming survivor benefits early may result in a reduced monthly payment. Individuals should review their available benefit options before filing.

Age 62: Early Social Security Retirement Benefits

Age 62 is generally the earliest age at which an individual can claim Social Security retirement benefits.

Claiming at age 62 can provide income sooner, but it typically results in a permanently reduced monthly benefit compared with waiting until full retirement age. The guide notes that the reduction may be approximately 25% to 30%, depending on the individual’s full retirement age.

The decision to claim Social Security may depend on:

  • Retirement income needs
  • Employment status
  • Health and life expectancy
  • Spousal benefits
  • Survivor benefits
  • Taxes
  • Other retirement assets

Social Security claiming decisions should be evaluated within the context of the overall retirement income plan.

Age 65: Medicare Eligibility and Enrollment

Age 65 is generally the age at which individuals become eligible for Medicare.

The initial Medicare enrollment period typically lasts seven months. It begins three months before the month of the 65th birthday, includes the birthday month and continues for three months afterward.

Medicare enrollment requires attention because missing the applicable enrollment deadline may result in ongoing late-enrollment penalties for Medicare Part B or Part D.

A special enrollment period may apply when an individual remains covered by an eligible employer health plan. However, not all health coverage qualifies.

Before turning 65, review:

  • Current employer health coverage
  • Medicare Part A and Part B eligibility
  • Prescription drug coverage
  • Medicare Advantage plans
  • Medicare Supplement insurance
  • Health Savings Account contribution rules
  • Applicable enrollment deadlines

Ages 66 to 67: Social Security Full Retirement Age

Full retirement age is the age at which an individual is generally eligible to receive 100% of their calculated Social Security retirement benefit.

Full retirement age depends on the year of birth. It is between ages 66 and 67 for many current and future retirees. Individuals born in 1960 or later generally reach full retirement age at 67.

Waiting until full retirement age may result in a higher monthly benefit than claiming at age 62.

Full retirement age also affects how Social Security benefits may be reduced when an individual continues to work and earns more than the applicable annual limit.

Age 70: Delayed Retirement Credits End

Social Security retirement benefits may continue to increase when an individual delays claiming beyond full retirement age.

These delayed retirement credits generally stop accumulating at age 70. Waiting beyond age 70 does not produce additional delayed retirement credits.

Individuals who have not claimed Social Security by age 70 should review their filing status and confirm whether benefits should begin.

Ages 70½, 72, 73 and 75: Required Minimum Distribution Rules

Required minimum distributions, commonly called RMDs, are mandatory withdrawals from certain tax-deferred retirement accounts.

The applicable starting age depends primarily on the account owner’s birth year and the laws in effect.

The guide identifies several RMD milestones:

  • Some older retirement account owners began RMDs at age 70½.
  • Other individuals were subject to an age-72 starting requirement.
  • Individuals born from 1951 through 1959 generally begin RMDs at age 73.
  • Individuals born in 1960 or later generally begin RMDs at age 75.

RMDs may apply to:

  • Traditional IRAs
  • SEP IRAs
  • SIMPLE IRAs
  • 401(k) plans
  • 403(b) plans
  • Other tax-deferred workplace retirement plans

An individual may be able to delay RMDs from a current employer’s plan while still working, depending on the plan and ownership rules. This exception generally does not apply to traditional IRAs.

The first RMD may sometimes be postponed until April 1 of the following year. However, postponing the first distribution can result in two taxable RMDs being taken during the same calendar year.

Why Retirement Age Milestones Matter

Retirement rules do not all begin at the same age. Missing a deadline or making a decision without understanding the applicable rule may affect taxes, retirement income or available benefits.

An age-based retirement planning review can help individuals prepare for:

  • Increased contribution opportunities
  • Early withdrawal exceptions
  • Social Security claiming decisions
  • Medicare enrollment
  • Retirement account distributions
  • Required tax filings
  • Changes in retirement income

The rules may also change over time. Contribution limits, tax provisions, Medicare requirements and retirement distribution rules should be verified using current information.

Download the Key Retirement Age Milestones Guide

The Key Retirement Age Milestones guide provides a concise age-by-age summary of important retirement planning events from age 50 through age 75.

Use it as an educational reference when reviewing upcoming retirement deadlines and discussing your options with qualified financial, tax, legal or Medicare professionals

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Important Retirement Milestones

Retirement planning is more than just saving money—it’s understanding the opportunities and decisions that come with each stage of life. Key milestones, like turning 50 or 65, unlock new strategies and benefits that could make a significant difference in your financial future. 

Are you on track to make the most of these opportunities?

From catch-up contributions to your 401(k) at age 50, to unlocking Social Security benefits at 62, to the all-important Medicare enrollment period at 65, these milestones guide us through the complex process of retirement planning. Each age offers unique ways to grow your savings, manage taxes, and plan your future with confidence.

Whether you’re approaching these key ages or helping a loved one prepare, understanding financial milestones is critical to navigating retirement effectively. This guide will walk you through the major financial checkpoints—from age 50 to age 75—so you can take control of your retirement years with clarity and peace of mind. Let’s explore how each stage matters and how you can make the most of them!

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