Key Milestones for Retirement Planning

December 14, 2023

50 – Can start making Catch-up contributions IRAs and other qualified retirement plans

55 – Can withdraw funds from your current job’s 401(k) or 403(b) plan with no 10% tax penalty if you leave that job in or after the year you turn 55. Increased HSA contribution limits to include an extra $1,000 catch-up contribution

59.5 – Eligible to make penalty free retirement account withdrawals

60 – Eligibility for survivor’s benefits, if you were married to your now-deceased spouse for at least 10 years and don’t remarry until after turning 60, at 60 you become eligible for Social Security survivor’s benefits.

62 – Eligible to start drawing Social Security benefits (will receive reduced benefit amount if receiving before full retirement age

3 months before you turn 65 – Eligible to sign up for Part A and Part B Medicare

3 months after you turn 65 – Initial enrollment period ends for Medicare eligibility

66-67 – Reached full retirement age for Social Security benefits depending on year of birth:

Age to receive full Social Security benefits
Year of BirthFull retirement age
1943-195466
195566 and 2 months
195666 and 4 months
195766 and 6 months
195866 and 8 months
195966 and 10 months
1960 and later67
Note: People born on January 1 of any year, refer to the previous year.

67-70 – Delaying Social Security benefits will add 8% to your benefit for each full year you delay receiving benefits until you reach age 70.

70.5 – Eligible to make Qualified Charitable Distributions (QCDs) directly from IRA accounts

72 – Required Minimum Distributions (RMDs) begin for anyone turning 72 before 12/31/2022

73 – RMDs begin for anyone turning 72 after 12/31/2022

75 – In 2033 the RMD age will increase to age 75

Information as of December 2023.

This report is provided as a courtesy for informational purposes only. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness.  

Acumen Wealth Advisors, LLC® is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Acumen Wealth Advisors, LLC® and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.  No advice may be rendered by Acumen Wealth Advisors, LLC® unless a client service agreement is in place.

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