Age 50Savings
Catch-Up Contributions Begin
You can contribute an extra $7,500 per year to your 401(k) and an additional $1,000 per year to your IRA beyond the standard limits.
Source: IRS
Age 55Withdrawal
Rule of 55 — Penalty-Free 401(k) Access
If you leave your employer at age 55 or later, you can take penalty-free withdrawals from that employer's 401(k). Does not apply to IRAs.
Source: IRS
Age 59.5Withdrawal
Penalty-Free Retirement Withdrawals
The 10% early withdrawal penalty no longer applies to distributions from IRAs and 401(k)s. You still owe income tax on traditional account withdrawals.
Source: IRS
Age 60Social Security
Social Security Survivor Benefits
Widows and widowers can begin claiming reduced survivor benefits from Social Security at age 60 (or 50 if disabled).
Source: SSA
Age 62Social Security
Earliest Social Security Claiming Age
You can begin collecting Social Security retirement benefits at 62, but your benefit will be permanently reduced by approximately 30% compared to your full retirement age amount.
Source: SSA
Age 63Savings
Super Catch-Up Contributions (SECURE 2.0)
Under the SECURE 2.0 Act, workers ages 60 through 63 can make enhanced catch-up contributions of up to $11,250 to their 401(k) — significantly more than the standard catch-up.
Source: IRS / SECURE 2.0 Act
Age 65Medicare
Medicare Initial Enrollment Period
Your Medicare Initial Enrollment Period spans 7 months: 3 months before your 65th birthday, your birthday month, and 3 months after. Missing this window can result in permanent premium penalties.
Source: Medicare.gov
Age 67Social Security
Full Retirement Age (Born 1960 or Later)
For anyone born in 1960 or later, 67 is the full retirement age for Social Security. At this age, you receive 100% of your Primary Insurance Amount with no earnings test reduction.
Source: SSA
Age 70Social Security
Maximum Social Security Benefit
Delayed retirement credits stop accruing at 70. Each year you delay past your full retirement age adds 8% to your benefit. There is no advantage to waiting beyond 70.
Source: SSA
Age 73Required Action
Required Minimum Distributions Begin (Born 1951–1959)
Under SECURE 2.0, if you were born between 1951 and 1959, you must begin taking Required Minimum Distributions from traditional IRAs and 401(k)s by April 1 of the year after you turn 73. The penalty for missing an RMD is 25% of the shortfall.
Source: IRS / SECURE 2.0 Act
Age 75Required Action
Required Minimum Distributions Begin (Born 1960+)
SECURE 2.0 further delays the RMD start age to 75 for individuals born in 1960 or later. Roth 401(k)s are no longer subject to RMDs during the owner's lifetime as of 2024.
Source: IRS / SECURE 2.0 Act
Frequently Asked Questions
What is the most important retirement milestone?
Medicare enrollment at 65 is arguably the most critical because missing the Initial Enrollment Period can result in permanent premium penalties of 10% per year for each year you were eligible but didn't enroll. Social Security claiming strategy is also pivotal, as the difference between claiming at 62 versus 70 can exceed $100,000 in lifetime benefits.
When should I start planning for retirement?
Financial experts generally recommend beginning serious retirement planning by age 50, when catch-up contributions become available. However, the earlier you start saving, the more time compound growth has to work in your favor.
What changed with the SECURE 2.0 Act?
SECURE 2.0, signed into law in December 2022, made several key changes: RMD start ages increased to 73 (born 1951–1959) and 75 (born 1960+), the RMD penalty dropped from 50% to 25%, Roth 401(k)s are exempt from RMDs, and super catch-up contributions of $11,250 are available for ages 60–63.
How much will my Social Security benefit be reduced if I claim early?
Claiming at 62 (with a Full Retirement Age of 67) reduces your benefit by approximately 30%. For every month before your FRA, the reduction is 5/9 of 1% for the first 36 months and 5/12 of 1% for additional months.
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Start Learning Free →Disclaimer: Belle Street Advisors is an educational platform — not a registered investment advisor, broker-dealer, or tax preparation service. The information on this page is compiled from publicly available sources including the Social Security Administration (ssa.gov), Internal Revenue Service (irs.gov), and Medicare.gov. Age thresholds reflect current law including SECURE 2.0 Act provisions as of 2026. Rules may change with future legislation. This content does not constitute personalized financial, tax, or legal advice. Consult a qualified professional before making retirement decisions.