Follow these general age milestones to stay on track with your retirement planning.
50
Eligible for catch-up; additional $6,500 for 401(k) contributions or $1,000 for IRA
59½
Eligible to take assets from an employer's plan without 10% early withdrawal tax, though regular income taxes apply
62
Earliest age to start taking Social Security (with a reduced payout)
65-67
Depending on date of birth and full retirement age, you might be eligible for full Social Security benefits as well as Medicare benefits
70
Latest date to start receiving Social Security (with the highest payout)
73-75
When you start taking mandatory withdrawals, called required minimum distributions, from an individual retirement account (IRA) or a 401(k); age 73 if you turn 72 after 2022; age 75 if you turn 74 after 2032
Neither Nationwide nor its representatives give legal or tax advice. Please consult with your attorney or tax advisor for answers to your specific tax questions.