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
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Sources and Disclosures:
1 - Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA).
2 - SSA.gov, 2023
3 - SSA.gov, 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.