Key retirement savings milestones
Being aware of key retirement ages can help you prepare for the future.
- 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.
- 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 leave your employer in the year you turned 55 or later.
- IRA withdrawal age. This is another key retirement age because you can begin taking withdrawals without penalty from IRAs and qualified retirement plans.
- Social Security benefits age. You can start taking reduced Social Security benefits.
- 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.
- 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.
- Required minimum distribution (RMD) age.1 This is a key retirement age because you must begin taking RMDs from most retirement accounts. Your exact RMD age will depend on the year you are born: The RMD age is 73 for individuals who turn 72 after 2022. In 2033, the RMD age is set to increase to 75.1
Contact an Ameriprise financial advisor today to learn more and get retirement advice by age and recommended strategies to help you stay on track.
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