Checklist of important retirement dates

This  checklist is a tabulation of important age markers for investment and retirement planning. The list includes age specifications affecting retirement plans, social security, college funding, and health savings accounts.


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! Age ! Description
 * 17 (18 if in high school)|| Last year for collecting parent-based Social Security (SS) retirement or survivorship benefits.
 * 24 ||Earliest time at which a parent may purchase a savings bond and receive favorable tax treatment on interest if used for child's future qualifying education expenses.
 * 30|| Must fully withdraw any remaining balance from an owned Coverdell Educational Savings Account.
 * 32|| (32 to 35): The election to waive an unsubsidized qualifying preretirement survivorship annuity of a defined benefit plan.
 * 50|| 50+ by the end of the calendar year: Start catch-up contributions to retirement plans such as SIMPLE IRA, SARSEP, 403(b), 457(b), 401(k), Roth and Traditional IRAs.
 * 55|| Jan 1 of year you turn 55 - Penalty free 401k withdrawal if you were separated from your employer on or after this date.
 * 55|| Employees with an Employee Stock Ownership Plan (ESOP) may diversify up to 25% of company stock if employed at least 10 years. This rises to 50% at age 60.
 * 55|| Eligible to make catch-up contribution to one's Health Savings Account (HSA).
 * 59.5 ||Withdrawals from IRA, 401k without penalty, with limitations.
 * 59.5|| May be possible to do an "in service non-hardship" withdrawal to roll money from pension plan or 401k to an IRA while employed and without a penalty or taxes.
 * 62|| Eligible for a reverse mortgage under the FHA's Home Equity Conversion Mortgage (HECM) program.
 * 62|| Age 62 to 65 or older, possible additional property tax exclusions. Check your local rules. Some jurisdictions do not charge school property taxes after the age of 62 or 65. You may need to apply for this by a specific date.
 * 62|| The minimum age to collect Social Security. If you are a surviving spouse, you may collect as early as age 60 with reduced benefits. See caveat regarding the complexities of Social Security benefits below.
 * 63.5 ||18 months of COBRA insurance will get you to Medicare.
 * 65|| Eligible to start Medicare, but apply 3 months before your 65th birthday. Otherwise, Medicare (Part B) and prescription drug coverage (Part D) may cost you more money. You can be entitled to Medicare at an earlier age only if you are entitled to Social Security disability benefits.
 * 65|| Your federal standard deduction increases.
 * 65 (and older)|| May no longer contribute to one's Health Savings Account.
 * 65 to 67 || Social Security Normal Retirement Age (NRA) and Full Retirement Age (FRA) ranges. Benefit definitions are complex and highly dependent on the individual's situation. Consult the Social Security Administration for details or ask in the forum for advice.
 * 70|| Delaying retirement beyond 70 does not increase your Social Security benefits.
 * 70.5|| After June 30th of the year you are 70.5: IRA contributions must stop (IRA contributions must end the year before).
 * 70.5 ||Required Minimum Distributions from some retirement accounts (Special rules for RMDs may apply for pre-1987 403(b) contributions or if still working at 70.5).
 * 85 to 95|| Age range at which many non-qualified deferred annuity account balances (both fixed deferred and  variable deferred) must be annuitized; refer to specific annuity contract for precise required annuitization age.
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 * 62|| Age 62 to 65 or older, possible additional property tax exclusions. Check your local rules. Some jurisdictions do not charge school property taxes after the age of 62 or 65. You may need to apply for this by a specific date.
 * 62|| The minimum age to collect Social Security. If you are a surviving spouse, you may collect as early as age 60 with reduced benefits. See caveat regarding the complexities of Social Security benefits below.
 * 63.5 ||18 months of COBRA insurance will get you to Medicare.
 * 65|| Eligible to start Medicare, but apply 3 months before your 65th birthday. Otherwise, Medicare (Part B) and prescription drug coverage (Part D) may cost you more money. You can be entitled to Medicare at an earlier age only if you are entitled to Social Security disability benefits.
 * 65|| Your federal standard deduction increases.
 * 65 (and older)|| May no longer contribute to one's Health Savings Account.
 * 65 to 67 || Social Security Normal Retirement Age (NRA) and Full Retirement Age (FRA) ranges. Benefit definitions are complex and highly dependent on the individual's situation. Consult the Social Security Administration for details or ask in the forum for advice.
 * 70|| Delaying retirement beyond 70 does not increase your Social Security benefits.
 * 70.5|| After June 30th of the year you are 70.5: IRA contributions must stop (IRA contributions must end the year before).
 * 70.5 ||Required Minimum Distributions from some retirement accounts (Special rules for RMDs may apply for pre-1987 403(b) contributions or if still working at 70.5).
 * 85 to 95|| Age range at which many non-qualified deferred annuity account balances (both fixed deferred and  variable deferred) must be annuitized; refer to specific annuity contract for precise required annuitization age.
 * }
 * 65 to 67 || Social Security Normal Retirement Age (NRA) and Full Retirement Age (FRA) ranges. Benefit definitions are complex and highly dependent on the individual's situation. Consult the Social Security Administration for details or ask in the forum for advice.
 * 70|| Delaying retirement beyond 70 does not increase your Social Security benefits.
 * 70.5|| After June 30th of the year you are 70.5: IRA contributions must stop (IRA contributions must end the year before).
 * 70.5 ||Required Minimum Distributions from some retirement accounts (Special rules for RMDs may apply for pre-1987 403(b) contributions or if still working at 70.5).
 * 85 to 95|| Age range at which many non-qualified deferred annuity account balances (both fixed deferred and  variable deferred) must be annuitized; refer to specific annuity contract for precise required annuitization age.
 * }
 * 70.5 ||Required Minimum Distributions from some retirement accounts (Special rules for RMDs may apply for pre-1987 403(b) contributions or if still working at 70.5).
 * 85 to 95|| Age range at which many non-qualified deferred annuity account balances (both fixed deferred and  variable deferred) must be annuitized; refer to specific annuity contract for precise required annuitization age.
 * }
 * }

Other retirement milestones
Your Social security benefits are calculated on your top 35 years of earning adjusted for inflation. After 35 years of full time work you will not have any zero years so working more may have minimal impact on your Social security benefits.
 * 35 years of full time work.

Significant financial life events:
 * When your pension and employer retirement plan contributions become vested.
 * When mortgage will be paid off.
 * When children will be in college.
 * When kids move out and become financially independent.
 * Daughter's wedding as a possible large expense.

Special cases
Money you contributed to a 403(b) before January 1 1987 has special RMD rules that may be to your advantage.