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
Visit www.ssa.gov for full Social Security Details