By Kyle S. Plotkin
Investment Advisor Representative
[email protected]
When it comes to retirement planning, the earlier you start, the better. The sooner you save, the longer your money has to grow. But while saving consistently is important, there are also certain ages along the way when new rules kick in, opportunities open up, or deadlines arrive. You can think of these as checkpoints along the way to retirement. They are a great time to assess your plan and make sure you’re doing the right things to provide yourself the opportunity to have a successful retirement.
Age 49 and younger:
- IRA (Traditional or Roth): $7,000 annual contribution limit
- Employer plans (401(k), 403(b), TSP): $23,500 annual contribution limit
- Note: contribution limits generally increase over time to keep pace with inflation. All numbers listed here are for 2025.
Age 50:
- “Catch-up” contributions begin
- IRA limit increases by $1,000 (total $8,000)
- Employer plan limit increases by $7,500 (total $31,000)
Age 59 ½:
- Eligible to take in-service distributions from employer plans (e.g., rolling a 401(k) to an IRA for more flexibility and investment options)
- Penalty-free withdrawals from IRAs begin (10% early withdrawal penalty no longer applies)
Ages 60-63:
- Additional 401(k) catch-up contributions allowed
- Total annual contribution limit: $34,750
Age 62:
- Earliest age to claim Social Security
- Keep in mind: claiming early permanently reduces your monthly benefit
Age 65:
- Medicare eligibility begins
- Enroll promptly to avoid lifelong late-enrollment penalties for Parts B and D
Age 66-67:
- Reach your Full Retirement Age (FRA), depending on your birth year
- Eligible to receive your full Social Security benefit
- At FRA, you can also work and earn without reducing your Social Security benefits
Age 70:
- Latest age to begin Social Security (benefits stop increasing after this point)
Age 70 ½:
- Eligible to make Qualified Charitable Distributions (QCDs) directly from an IRA to a qualified charity, tax-free
Age 73:
- Required Minimum Distributions (RMDs) begin for qualified retirement accounts (IRAs, 401(k)s, 403(b)s, TSPs)
- Exception: You may be able to delay RMDs from your current employer’s 401(k) if you’re still working, but withdrawals from other non-Roth accounts are still required
These milestones aren’t the only ones that matter, but they’re some of the most important checkpoints to keep in mind. Everyone’s retirement journey looks a little different, and it can be reassuring to have a guide along the way. If you ever want a second set of eyes on your plan—or just someone to walk through the rules with you—we’re always here to help. Give us a call or stop by the office anytime—we’d be glad to sit down and chat.