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Retirement Timeline

50 years old

  • Annual Contributions: Tradition & Roth IRA increase by $1,000

59 ½ years old

  • Eligible to start withdrawing from IRAs without penalty

62 years old

  • Eligible to start collecting Social Security at reduced amount; Automatic enrollment into Medicare if Social Security is collected

65 years old

  • Medicare eligible- Initial Enrollment Period: must enroll or decline

66-67 years old

  • Full retirement age: eligible to collect full Social Security; must enroll or file to suspend. If you were born in 1943 or later, an 8 percent increase to your benefit can be earned for each full year you delay receiving Social Security benefits beyond your full retirement age

70 years old

  • Required to start collecting Social Security

70 ½ years old

  • Required Minimum Distributions (RMD) for tax-deferred retirement accounts begin

Source: 2019 SSA Retirement Benefits booklet

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