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8 Financial Milestone Birthdays

8 Financial Milestone Birthdays

February 27, 2024

Get ready to celebrate your Financial Birthdays!

Starting at age 50, these birthdays will become a big part of your financial journey.

Age 50 - Turning 50 makes you eligible for catch-up contributions to retirement accounts.

Age 55 - At age 55, you can contribute more to Health Savings Accounts (HSAs).1

Age 59 - It's your financial 'half' birthday!  At age 59 1/2, you can make penalty-free withdrawals from retirement plans.

Age 62 - Turning 62 means you can draw (reduced) Social Security retirement benefits.2

Age 65 - Happy 65th Birthday!  It's time to sign up for Medicare coverage.

Age 67 - You become eligible to receive 100% of your Social Security benefits at age 67. 3

Age 70 - At age 70, you can maximize your Social Security benefits by delaying them.

Age 73 - You've spent time investing, and now it's time to take your required minimum distributions (RMDs) from traditional IRAs and defined contribution plans. 4


Sources and Disclosures:
1 - Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA).
2 -, 2023
3 -, 2023
4 - Once you reach age 73, you must begin taking required minimum distributions (RMDs) from your 401(k) or any other defined contribution plan in most circumstances.