Age 50
Clients age 50 and older can utilize catch-up contributions and can defer taxes on as much as $32,500 in 401(k), 403(b), and 457 plans as well as $8,600 in IRAs in 2026—$8,000 and $1,100 more, respectively, than younger employees.1 For high-income employees, the only catch-up option available is through a designated Roth account (DRAC). Tip: Remind high-income clients that their catch-up contributions must go to a designated Roth account. Consider suggesting the conversion of some IRA assets to a Roth IRA to start the five-year clock.
Age 55
Clients may take 401(k) withdrawals from a retirement account associated with their latest job without having to pay the 10% early withdrawal charge if they retire, quit, or are laid off from that job during the year they turn age 55 or later. The same rule applies to public-safety retirees as early as age 50.2
Age 59 1/2
No 10% early withdrawal charge is applicable. However, ordinary income tax still applies to these withdrawals from both traditional 401(k)s and IRAs.2 Tip: Remind clients with large IRAs that required minimum distributions (RMDs) are on the horizon. A Roth conversion or nonqualified deferred saving may help.
Age 60
Starting in 2025, the SECURE Act 2.0 introduced “super catch-up” contributions for employees aged 60 to 63. These contributions allow higher, additional pre-tax contributions of up to $11,250 annually to 401(k), 403(b), and 457(b) plans. High-earning employees must make these as DRACs.
1“Notice 2025-67: 2026 Amounts Relating to Retirement Plans and IRAs, as Adjusted for Changes in Cost-of-Living.” IRS.gov. January 1, 2026. 2“Topic no. 558, Additional tax on early distributions from retirement plans other than IRAs.” IRS.gov. January 22, 2026.
Age 62
Clients may collect Social Security benefits at age 62, but if the income is not needed right away, a delayed Social Security claiming strategy may help clients hedge against longevity risk. Continuing to work while collecting Social Security benefits can result in the temporary withholding of part or all of their current payments. Tip: Consider sharing illustrations of claiming options to help your clients better understand their potential paths forward.
Age 65
Clients become eligible for Medicare at age 65; they have a seven-month window (starting three months before their 65th birthday) to sign up for Medicare. After that window passes, clients run the risk of higher Medicare Parts B and D premiums and the denial of supplemental coverage. Trap: Remind clients considering Medicare Part C (Medicare Advantage) that switching to original Medicare later may result in higher costs or limits on Medicare supplement policies.
Age 66
Clients born between 1943 and 1954 are eligible to collect their full Social Security benefits at age 66. This full retirement age gradually increases from 66 and two months for clients born in 1955 to 66 and 10 months for those born in 1959.
Age 67
For clients born in 1960 or later, the full retirement age is 67.
Age 70
Clients can increase their Social Security benefit payments by 8% for every year they delay signing up for Social Security benefits until age 70.
Age 73
Clients must begin taking taxable required minimum distributions (RMDs) on funds from 401(k) accounts and traditional IRAs at age 73. The SECURE Act 2.0 eliminated RMDs for Roth 401(k) and designated Roth accounts beginning in 2024. The IRS charges a 25% excise tax on any RMD not taken by the deadline. However, if corrected within two years and filed with Form 5329, the penalty can be reduced to 10%. If the taxpayer takes timely steps to remedy the missed RMD, the penalty may be further reduced to 10%. Clients who remain employed after their 73rd birthdays also may delay RMDs on 401(k)s until April 1 of the year following the year they retire. Tip: Remind clients that qualified charitable distributions (QCDs) can cover all or a portion of an RMD—and QCDs are not added to their adjusted gross income (AGI).
Trap: Remember that the first dollars out of an IRA each year are RMDs, so execute any QCDs first.
Clients also may need guidance to navigate the various date-based retirement deadlines and cutoffs. Keeping these dates in mind as clients approach retirement can help them avoid penalties, fees, and missed tax opportunities. Be sure you consider these dates as you build your clients’ retirement strategies.
Dec 31
As a general rule of thumb, remind clients that 401(k) contributions and annual RMDs should be completed by December 31 each year. This rule does not apply to the first RMD they take.
Apr 1
Clients must take their first RMD from 401(k) accounts or IRAs by April 1 of the following year. Pushing the previous distribution until April could result in a much higher tax bill than if they take only one payment per tax year.
Apr 15
Clients of any age with earned income have until April 15 to make IRA contributions that will count for the previous year’s tax return. Not only will they be saving for their futures, but they also may receive an immediate tax deduction for that year’s return.
Be sure to remind clients that the Medicare Annual Enrollment Period begins annually on 10/15 and ends on 12/7. Any changes made during that period will take effect on 1/1 of the following year.
An annual review of these important ages and stages can help clients meet their retirement goals. Be sure to reach out to clients to determine the best next steps for their situations.
