Retirement planning is easier when you know which birthdays matter and what to do before each one. Use this page as a checklist. Each item links to a longer guide where you need more detail.
Key points
- Several birthdays change your options: 50, 55, 59½, 60, 62, 65, 67, 70 and 73 (or 75).
- Your 50s are for building savings and checking your records. Your 60s are for timing decisions: Social Security, Medicare and withdrawals.
- Free, unbiased help is available from Social Security, Medicare and your state's SHIP office.
Key ages to know
| Age | What changes |
|---|---|
| 50 | You can make extra "catch-up" contributions to a 401(k), 403(b), 457 plan or IRA. Catch-up savings guide |
| 55 | If you leave your job in or after the year you turn 55, you can usually take money from that employer's 401(k) without the 10% early-withdrawal penalty (income tax still applies). HSA catch-up of $1,000 a year begins. |
| 59½ | The 10% early-withdrawal penalty generally no longer applies to IRAs and workplace plans. Income tax may still apply. |
| 60 to 63 | A larger workplace-plan catch-up is allowed ($11,250 in 2026 instead of $8,000). |
| 62 | The earliest age to start Social Security retirement benefits, at a permanently reduced amount. Claiming ages guide |
| 65 | Most people become eligible for Medicare. Your 7-month sign-up window starts 3 months before your birthday month. Medicare guide |
| 67 | Full retirement age for Social Security if you were born in 1960 or later. |
| 70 | Social Security stops growing for delayed claiming, so there is no benefit to waiting longer. |
| 73 (or 75) | Required minimum distributions from most traditional retirement accounts begin at 73. If you were born in 1960 or later, they begin at 75. |
Checklist for your 50s
- Check your Social Security record. Create a free my Social Security account and make sure every year of earnings is listed.
- List what you have. Write down every retirement account, pension, savings account and debt in one place.
- Estimate what you will spend. Use our retirement budget guide and worksheet.
- Use catch-up contributions if you can. See how much extra you can save.
- Pay down high-interest debt while you still have a paycheck.
- Check your beneficiaries on retirement accounts and life insurance. These forms usually override what a will says.
- Plan for health coverage before 65 if you might retire early: a spouse's plan, COBRA, or a plan from HealthCare.gov.
Checklist for your 60s
- Decide when to claim Social Security. Compare your estimates at 62, 67 and 70. Claiming ages guide
- Mark your Medicare window on the calendar, even if you plan to keep working. Medicare guide
- Plan the order of withdrawals (taxable savings, traditional accounts, Roth accounts). A tax professional can help you keep taxes low.
- Update your legal documents: a will, a financial power of attorney, and a health care directive.
- Think about long-term care. Medicare generally does not pay for long-term custodial care, so decide how you would pay for help at home or in a facility.
- Review your housing. Stay, downsize, or move closer to family? See our life after 60 guide.
- Learn the common scams aimed at retirees, and agree on a family rule for unexpected calls asking for money.
Where to get free, unbiased help
- Social Security: ssa.gov or 1-800-772-1213
- Medicare: medicare.gov or 1-800-MEDICARE (1-800-633-4227)
- State Health Insurance Assistance Program (SHIP): free Medicare counseling at shiphelp.org
- Consumer Financial Protection Bureau: retirement planning tools at consumerfinance.gov
For advice about your own situation, consider a fee-only financial planner who acts as a fiduciary, meaning they must put your interests first. Ask how they are paid before you start.
Sources
Educational information only. This guide is not financial, legal, tax or medical advice. GrandsGaro is a private website and is not affiliated with the Social Security Administration, Medicare, the Centers for Medicare & Medicaid Services, the IRS or any government agency. For decisions about your own benefits, check the official sources linked on this page.