Throughout our lives, we look forward to milestones representing new opportunities or stages of life. Retirement is no different. The IRS and Social Security Administration have established several milestones all Americans must be aware of. What follows is a list of those ages and dates, some of which may involve planning and a complex decision on your part.

• Age 50:      You are eligible for retirement plan catch-up contributions. The amount varies based on the type of plan, but it’s a wonderful opportunity to increase your retirement savings if your budget allows for it
• Age 55:      You are eligible for separation-from-service withdrawals for your employer retirement plans (401(k)s, 403(b)s). These distributions are free from penalty
• Age 59½:   You are now eligible to begin penalty-free withdrawals from all retirement accounts, including IRAs
• Age 62:      You are first eligible for Social Security benefits. However, you should expect to receive a substantially reduced benefit if you elect to begin drawing early
• Age 65:      You are now eligible to join Medicare. There is a seven-month initial enrollment period to sign up for both Part A and Part B once you turn 65. Don’t miss your opportunity to enroll, because Medicare will begin assessing a penalty to those who do not enroll during their seven-month window. This penalty will be tacked onto your monthly Part B premiums for as long as you are enrolled, and there may be an additional penalty if you are late to enroll in Part D as well. Medicare has a great website and specific information regarding enrollment penalties can be viewed at Medicare.gov 
• Age 66:      Full Retirement Age (FRA) for Social Security if you were born between 1943 and 1954. FRA then increases by 2 months for each birth year between 1955 and 1959
• Age 67:      FRA for anyone born after 1959
• Age 70:      Maximum Social Security Benefits. You must begin taking benefits now
• Age 70½:   Required Minimum Distributions (RMDs) must begin no later than April 1st of the year following the year you turn 70½ 

Engage your financial advisor, accountant, and possibly your current employer as you approach your own milestone dates. A good advisor will help you navigate Social Security as well as the RMD process so that you may maximize your benefits and enjoy a secure retirement.