Critical Retirement Age Milestones to Remember

January 09, 2019

Every birthday is special – but these are particularly important in your retirement journey.1 Here are some age milestones to keep in mind:

  • Age 55 – Penalty-free distributions allowed from 401(k), if retired
  • Age 59 ½ – Penalty-free distributions allowed from IRAs and qualified plans as well as ROTH IRAs at least 5 years old
  • Age 60 – Can apply for early Social Security under deceased spouse’s earnings record
  • Age 62 – Can apply for early Social Security under own earnings record (benefits reduced)
  • Age 65 – Apply for Medicare Parts A and B beginning 3 months before your birthday
    • Coverage begins the 1st day of the month you turn 65
    • If you are employed/covered by other insurance, you can enroll any time after 65
  • Age 66 – Full retirement age for unreduced Social Security benefits
  • Age 70 –Apply for Social Security to get maximum benefits
  • Age 70 ½ –Must start IRA required minimum distributions

Your retirement age milestone can make a difference to your financial well-being. Missing or dismissing one of these critical milestones can significantly cost you. Call us and let us help you stay on track for the happy retirement you deserve.

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