Skip to main content Skip to Login Skip to Find An Advisor Skip to footer

Key retirement savings milestones

Being aware of key retirement ages can help you prepare for the future.

50 years
  • Your retirement savings milestones begin when you reach catch-up contribution age. You can make catch-up contributions to many retirement plans beginning in the year you turn 50.
55 years
  • 403(b) and 401(k) withdrawal age. You can start taking penalty-free withdrawals from qualified retirement plans such as 401(k)s, 403(b)s and profit sharing plans after you left your employer in the year you turned 55 or later.
59 1/2 years
  • IRA withdrawal age. This is another key retirement age because you can begin taking withdrawals without penalty from IRAs and qualified retirement plans.
62 years
  • Social Security benefits age. You can start taking reduced Social Security benefits.
64 years 9 months
  • Medicare sign up age. You should sign up for Medicare hospital insurance (Part A) 3 months before your 65th birthday, whether or not you want to begin receiving retirement benefits.
66-67 years
  • Social Security benefits age. You can start taking full Social Security benefits depending on your birth year. Any delay in applying for Social Security benefits, up to age 70, can qualify you for increased retirement benefits.
70 1/2 years
  • RMD age. This is a key retirement age because you must begin taking Required Minimum Distributions (RMDs) from most retirement accounts.

Contact an Ameriprise financial advisor today to learn more and get answers to any questions you have about important retirement savings milestones and more. 

RELATED INFORMATION

Financial life stages

Retirement income and expenses

9 actions every family can take to create a more secure financial future

Our advisors know that trust is a matter of work, not words.

Or, request an appointment online to speak with an advisor.

 default

There's a sense of confidence that comes from feeling in control of your finances - and working with a financial advisor can help you get there. Please share your experience and tell your friends and family about me.

Background and qualification information is available at FINRA's BrokerCheck website.
The initial consultation provides an overview of financial planning concepts. You will not receive written analysis and/or recommendations.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
Ameriprise Financial Services, LLC. Member FINRA and SIPC.