Retirement Milestones Every Retiree Should Know

Retirement Milestones Every Retiree Should Know Bulman Wealth

Retirement is a significant milestone in life, and it’s important for retirees to be aware of the important ages they will encounter along the way. In this article, we’ll explore the key ages every retiree should know and provide tips and advice to help you navigate each stage with confidence and ease. So, let’s dive in and discover the important retirement milestones from 50 to 73!

Age 50: Catch-up contributions

When you reach the age of 50, the Internal Revenue Service (IRS) allows you to make extra contributions to your retirement accounts.[1] These extra contributions are called “catch-up contributions,” and they can help you boost your retirement savings.

Age 59 ½: Penalty-free withdrawals from IRA

When you reach the age of 59 ½, you can start taking penalty-free withdrawals from your IRA. This means that you won’t have to pay the additional 10% tax penalty that normally applies to withdrawals taken before age 59 ½.[2]

Age 66: Full Retirement Age (FRA) for Social Security

Full Retirement Age (FRA) is the age at which you can start receiving your full Social Security retirement benefits. For those born between 1943 and 1954, the FRA is 66 years old. If you were born after 1954, your FRA will be a few months later.[3]

At Age 70: Maximum Social Security Benefits

Once you reach 70 years old, you are eligible to receive the maximum social security benefit, which is sometimes significantly more than your FRA benefit, depending on your financial situation. However, delaying your Social Security benefits past age 70 gives you no additional benefits.[4]

Age 73: Required Minimum Distributions (RMDs) for 401(k)s and Traditional IRAs

After the passage of the SECURE Act 2.0, the RMD age was raised from 72 to 73. At age 73, you’ll need to start taking RMDs from your 401(k) or Traditional IRA.[5]


Retirement is a significant milestone in life, and it’s essential to be aware of the important ages you’ll encounter along the way. If you would like help navigating these important dates, please Click HERE to sign up with Bulman Wealth Group for a complimentary review of your finances.

All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results.

Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual advisor prior to implementation. Investment advisory services are offered through Chris Bulman Inc dba Bulman Wealth Group, an SEC Registered Investment Advisor. Insurance products and services are offered through Chris Bulman, Inc. dba BWG Insurance Agency and Ameritas Life Insurance Corp., CA State Insurance License # 0M46922. Being registered as an investment advisor does not imply a certain level of skill or training.

Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Any statements or opinions expressed should in no way be construed or interpreted as a solicitation to sell, or offer to sell, advisory services to any residents of any State other than the States where otherwise legally permitted.

Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.

Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

Share this post with a friend or family member!


Archived Blog Posts