Getting there is half the fun. Arriving with a bigger income can be even more rewarding.

As you approach age 50, it’s time to prepare for catch-up contribution opportunities that begin once you turn 50.

At age 50, you become eligible to make catch-up contributions to your 401(k), IRA, and other qualified retirement plans.

These additional contributions allow you to save beyond standard annual limits, potentially increasing your retirement income and long-term financial security.

Planning opportunities available at age 50 may be worth reviewing, depending on your financial situation and long-term goals.

As you approach age 55, it’s important to understand how separation from service may affect your retirement plan withdrawal options.

At age 55, you may be eligible to take penalty-free withdrawals from your 401(k) or other employer-sponsored retirement plan if you separate from service.

To qualify:

• You must leave your employer in the year you turn 55 or later.
• Withdrawals must come from that employer’s plan.

Age 55 may create additional flexibility or planning opportunities based on your situation.

Reaching age 59? is a significant milestone.

As you approach age 60, expanded withdrawal options may become available, and reviewing your retirement income strategy becomes increasingly important.

At age 59½ , you may take penalty-free withdrawals from IRAs and most retirement plans, regardless of employment status.

You may also be eligible for in-service withdrawals from your current employer’s plan into an IRA (subject to plan rules).

Understanding your options — including rollover strategies, portfolio risk management, and sustainable income planning — may strengthen your financial standing.

As you approach age 62, decisions surrounding Social Security begin to take shape.

Evaluating timing, income coordination, and long-term retirement needs is especially important at this stage.

At age 62, you become eligible to begin collecting Social Security benefits under your own earnings record. However, benefits will be reduced if claimed before your full retirement age.

This milestone presents an important decision:

• Begin benefits early at a reduced amount, or
• Delay benefits for potentially higher lifetime income.

Exploring Social Security and income planning strategies at age 62 may significantly impact your long-term retirement strategy.

For official guidance on retirement rules and Social Security, visit SSA.gov and IRS.gov.

Under the SECURE 2.0 Act, the Required Minimum Distribution (RMD) age increased to 73 beginning in 2023.

At age 73, most retirement account owners must begin taking annual minimum distributions from certain retirement accounts.

Your first RMD must be taken by April 1 of the year following the year you turn 73. After that, distributions must be taken annually by December 31.

RMDs generally apply to:

• Traditional IRAs
• SEP IRAs
• SIMPLE IRAs
• Employer-sponsored retirement plans such as 401(k)s

Roth IRAs do not require RMDs during the lifetime of the original account owner.

Your RMD is the minimum amount you must withdraw each year. You may withdraw more than the required amount, but failing to take the full distribution may result in IRS penalties.

Distributions are generally included in taxable income, except for any portion previously taxed (your basis) or amounts eligible for tax-free treatment, such as qualified Roth distributions.

Looking ahead, individuals born in 1960 or later will see the RMD age increase to 75 beginning in 2033.

Proper RMD coordination can help manage tax exposure, Medicare premium thresholds, and overall retirement income efficiency.

For official guidance and calculators, visit the IRS Required Minimum Distributions page at IRS.gov.

If you’d like to review how these milestones may apply to your personal situation, we’re here to help.

Email: ametrine@ametrinews.com
Phone: (Ext. 1 or Ext. 2) 800-560-1988

This material is provided for educational purposes only and is not intended as tax, legal, or investment advice. Retirement rules and regulations are subject to change. Individuals should consult with a qualified financial professional, tax advisor, or legal professional regarding their specific situation before making financial decisions.

For official guidance on retirement rules and Social Security, visit SSA.gov and IRS.gov.
For official guidance and calculators related to Required Minimum Distributions, visit IRS.gov.

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