Age 50 ➡️ You are eligible to make catch-up contributions to 401(k)s or IRAs. In 2021, that is an extra $6.5K to your 401(k) + $1K to your IRA.
Age 55 ➡️ If you are eligible to participate in a health savings account (HSA), you are entitled to $1K in catch-up contributions.
Age 59 1/2 ➡️ qualify to roll over your 401(k) into an IRA + make withdrawals without being penalized.
Age 62 ➡️ earliest age you are eligible to sign up for Social Security, but it will result in a lifelong reduction of your monthly payments.
Age 65 ➡️ eligible for Medicare.
Age 70 ➡️ It’s time to start claiming Social Security if you haven’t already. Delayed retirement credits stop accruing, so there is no longer a financial gain in holding off any longer.
Age 73 ➡️ This is when required minimum distributions. The Secure Act 2.0 raised the age again. Starting January 1, 2023, you may now wait until 73 as opposed to the previous age of 72. The age will increase again in 2033 to 75.
Source: Bill Good Marketing, Accessed 3/22/23
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