Your retirement milestones

Milestones at a glance

1. 50

   Saving

   Catch-up contributions

   You can contribute more each year to IRAs and workplace plans such as a 401(k), 403(b), or 457, starting in the year you turn 50.

2. 50

   Social Security

   Survivor benefits if disabled

   A widow or widower who is disabled can claim Social Security survivor benefits from age 50.

3. 55

   Saving

   HSA catch-up contributions

   You can add an extra $1,000 a year to a health savings account from the year you turn 55.

4. 55

   Withdrawals

   The "rule of 55"

   If you leave your job in or after the year you turn 55, withdrawals from that employer’s 401(k) or 403(b) are generally free of the 10% early-withdrawal penalty.

5. 59½

   Withdrawals

   Penalty-free IRA withdrawals

   Withdrawals from IRAs and workplace plans are no longer subject to the 10% early-withdrawal penalty. Income tax still applies to pre-tax money.

6. 60

   Social Security

   Survivor benefits, reduced

   A widow or widower can claim Social Security survivor benefits from 60, at a reduced amount.

7. 60 to 63

   Saving

   Larger catch-up contributions

   In the years you turn 60, 61, 62, and 63, many workplace plans allow a higher catch-up limit than the standard one.

8. 62

   Social Security

   Earliest Social Security

   The first month you can receive Social Security retirement benefits, permanently reduced compared with waiting. Age 62 is also the minimum age for a reverse mortgage (HECM).

9. 64 and 9 months

   Medicare

   Medicare enrollment window opens

   Your seven-month Initial Enrollment Period starts three months before the month you turn 65. Signing up early in the window means coverage can start the month you turn 65.

10. 65

    Medicare

    Medicare eligibility

    You become eligible for Medicare. HSA money can also be withdrawn for non-medical expenses without penalty (it is taxed as income), and once you enroll in Medicare you can no longer contribute to an HSA.

11. 66 to 67

    Social Security

    Full retirement age

    You can receive your full Social Security benefit. Full retirement age is 66 for those born 1943 to 1954, rises by two months per birth year, and is 67 for anyone born in 1960 or later.

12. 70

    Social Security

    Maximum Social Security

    Your benefit stops growing at 70, so there is no advantage in waiting longer to claim.

13. 70½

    Giving

    Qualified charitable distributions

    You can give directly from an IRA to charity. Those gifts can count toward required withdrawals later and are kept out of taxable income.

14. 73 or 75

    Withdrawals

    Required minimum distributions

    Required withdrawals from pre-tax retirement accounts begin at 73 if you were born from 1951 through 1959, and at 75 if you were born in 1960 or later. The first one can be delayed until April 1 of the following year.