50: Catching Up
At 50, eligible employees in certain retirement plans can make additional annual catch-up contributions beyond their standard contributions.
55: No More Penalties
If you leave your job in or after the year you turn 55, and you have a qualified retirement plan with that employer, you may be able to withdraw funds from the retirement plan without facing penalties. Note, this tactic does not apply if you transfer the funds to an IRA.
59½: Get With the Withdrawals
Employees can start withdrawing from their qualified retirement plans without being subject to a 10% federal income tax penalty once they reach 59½.
62: Social Security — Now or Later?
It’s not a question of when you can; it’s a question of when you should. At 62, workers can begin receiving Social Security retirement benefits, but the longer you wait to start claiming Social Security, the higher your benefit will be (until 70).
65: Medicare Eligibility
Individuals become eligible for Medicare at 65 (although some can qualify earlier if they have a disability). The Social Security Administration advises applying three months before turning 65.
65-67: Full Social Security
The exact age depends on your year of birth, but somewhere between 65 and 67 you will be able to receive 100% of your Social Security benefit.
73: RMD Rundown
Traditional IRA and qualified retirement account owners, i.e. owners of 401(k), 403(b) and 457 plans, must start taking required minimum distributions (RMDs) the year they turn 73. Required withdrawal amounts are based on your account balance and life expectancy.
Important Dates in 2025
JANUARY
JANUARY
1: First day to contribute to traditional and Roth IRAs and Simplified Employee Pension Plans (SEP) for the new year.
1: Medicare Advantage Open Enrollment Period and Medicare General Enrollment Period begins.
15: Quarterly estimated tax payment due; avoid IRS penalties.
MARCH
MARCH
31: End of Medicare Advantage Open Enrollment Period and Medicare General Enrollment Period.
APRIL
APRIL
1: Last day to take first IRA RMD from traditional retirement accounts without penalty.
15: Tax return filing deadline; ensure accurate reporting of retirement income.
JUNE
JUNE
15: Second estimated tax payment due; manage cash flow.
SEPTEMBER
SEPTEMBER
15: Third estimated tax payment due; adjust for major life changes.
30: Last day to determine beneficiaries after an IRA owner’s death
OCTOBER
OCTOBER
15: Last day to file amended 2024 tax return; correct errors.
15: Medicare’s annual enrollment period begins.
DECEMBER
DECEMBER
7: Medicare annual enrollment ends.
31: Last day to take RMDs from an IRA, 401(k) and inherited IRAs. Last day to set up most types of retirement accounts so contributions count for the current year. Also, last day for 401(k) contributions, itemized deductions, stocks and gifts to count. Deadline for Roth IRA conversions; optimize tax strategy.