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Key retirement savings milestones

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

 

A note on SECURE Act 2.0

The content in this article may not reflect the latest information on retirement accounts and the Required Minimum Distribution age due to a recently passed law known as SECURE Act 2.0. Learn about key provisions of this legislation, and reach out to your Ameriprise financial advisor with questions.

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 leave 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 retirement advice by age and recommended strategies to help you stay on track.

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