Key ages on your path to retirement

As we get older, time seems to go by quicker, and while juggling day-to-day responsibilities, it’s easy to take an eye off the retirement savings that have been accumulating. It’s important to be aware of the checkpoints along your path to retirement, though — and we’ve compiled a list of them with key information to help you stay on top of your savings as you age.

• Ages 49 and under: The 401(k) contribution limit is $24,500 in 2026. You can also contribute up to $7,500 in a traditional or Roth IRA in 2026.
• Age 50: You can contribute a total of $8,600 in a traditional or Roth IRA in 2026.
• Ages 50–59 and 64+: You can now make 401(k) catch-up contributions of up to $8,000 for a maximum possible 401(k) contribution of $32,500 in 2026.
• Ages 60–63: You can contribute an additional $11,250 to their 401(k) plans for a maximum of $35,750 in 2026.
• Age 62: This is the earliest age you can claim regular Social Security benefits. If you continue to work and claim Social Security before your full retirement age, your benefit will be reduced by $1 for every $2 earned above $24,480 in 2026.
• Age 64¾: The initial Medicare sign-up window lasts for seven months (three months before your birth month + your birth month + three months after your birth month). If you miss this window, you may have to pay higher premiums. If you have medical insurance provided by an employer or your spouse’s employer, you can postpone enrolling until that coverage ends without having to pay higher premiums.
• Age 65: Medicare begins, and you can sign up for Medigap (also known as Medicare Supplement Insurance). Medigap is private insurance that covers some out-of-pocket copays and deductibles of traditional Medicare. Initial enrollment takes place during a six-month window which starts on the first day of the month you turn 65 and are enrolled in Part B. If you delay Part B because you have employer coverage, your six-month window starts when you sign up for Part B.
• Ages 66–67: Depending on the year you were born, your Social Security full retirement age will vary between the ages of 66 and 67. If you continue to work and claim Social Security in the same year you reach full retirement age, your benefit will be reduced by $1 for every $3 you earn above $65,160 in 2026. There are no limits on earnings beginning with the month you reach full retirement age.
• Age 70: File for Social Security benefits if you haven’t already, as this is when your benefit is at its maximum.
• Age 73: Begin required minimum distributions (RMDs) from your 401(k) plan or traditional IRA. By law, you must take withdrawals no later than April 1 of the year after you reach age 73. If you don’t, you could owe a penalty of up to 25% of the amount you should’ve withdrawn. There is no required minimum distribution at any age for money in a Roth IRA.

Because everyone’s personal situation is unique, please contact our Retirement Plan Services team with any questions you may have. No matter how old you are now, being prepared for retirement is important — and if you’re nearing retirement, being aware of these key ages can help you be more comfortable and confident with retiring.