Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties. Remember to factor these important ages into your retirement plan.
Key Milestones for Retirement
Max out retirement accounts at age 49 or younger.
Take advantage of catch-up contributions beginning at age 50.
Your 401(k) withdrawal age might be 55.
The IRA retirement age is 59 1/2.
At age 62 you are eligible to begin Social Security payments.
Medicare eligibility begins at age 65.
The Social Security full retirement age is 66 for most baby boomers.
Age 67 is the Social Security full retirement age for younger generations.
You can boost your monthly Social Security payments if you delay claiming until age 70.
The 401(k) and IRA required minimum distribution age is 72.