Deadlines for contributions
Age 50
Start catch up contributions for
401k ($6,000) - total $24,500
IRA, traditional and Roth ($1,000) - total $6,500
Age 55
HSA ($1,000) - total $7,900
Before age 70½
If you are completely retired, you can't contribute to retirement accounts because it requires to have earned income.
If you have a side job, you still can contribute but the contribution amount can't exceed the earned income amount.
Age 70½
Have to stop contributions to traditional IRA even if you are still working.
If you still have earned income, you can still contribute to Roth IRA.
If you are still working, you can still make contributions to the work sponsored 401k.
Deadlines for benefits
Age 62
Minimum age you can start receiving social security benefits. If you are still working, your benefits may be reduced. If you have high combined income even if you are not working, your benefits may also be reduced.
Age 65
Eligible for Medicare.
Age 67
For anyone born after 1960, 67 is full retirement age.
Age 70
If you wait until 70, you will receive the largest possible monthly social security benefit. More time delay will not produce any more increases.
Age 70½
Must begin taking required minimum distributions (RMD) from traditional 401k and traditional IRA.
However, if you are still working, there is a "still working" exception for delaying taking RMD from the work sponsored 401k plan.
If you are not working and don't take required minimum distributions, you will have to pay additional tax of 50% on the difference between the amount taken out and the required amount.
There are no RMDs on Roth 401k and Roth IRA.
Deadlines for penalties
Age 55
If you leave work you can start taking distribution from work related 401k without 10% penalty.
Age 59½
Withdrawals from 401k and IRAs are not subject to 10% penalty.
