Follow these general age milestones to stay on track with your retirement planning.
50+
Eligible for catch-up contributions; additional $7,500 for 401(k), 403(b) or 457(b) contributions or $1,000 for IRA1
59½
If eligible, may take assets from a qualified 401(k), 401(a) or 403(b) plan without a 10% early withdrawal penalty, though regular income taxes still apply; the 10% early withdrawal penalty does not apply to governmental 457(b) plans but regular income taxes apply
60-63
Starting in 2025, eligible for catch-up contributions to a higher limit; additional $11,250 for 401(k), 403(b) or 457(b) contributions.1,2
62
If eligible, earliest age to start taking Social Security (with a permanently reduced payout)
65
May be eligible for Medicare (note that people with a qualifying illness or disability may be eligible sooner)
66-67
For most people this is full retirement age (FRA) for Social Security, when you're eligible to receive 100% of your benefit; your exact FRA depends on your date of birth
70
If eligible, latest age to start taking Social Security (with the highest payout)
73-75
When you must start taking mandatory withdrawals, called required minimum distributions, from a traditional 401(k), 401(a), 403(b) or 457(b) or an individual retirement account (IRA); age 73 if you were born in 1951 through 1959 or age 75 if you were born in 1960 or later
[1] If plan allows. Plan documents indicate which catch-up options are available.
[2] This applies to participants reaching ages 60 to 63 by the end of the calendar year; participants reaching age 64 by the end of the calendar year are subject to the age 50+ catch-up limit.
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.