Follow these general age milestones to stay on track with your retirement planning.
50
Eligible for catch-up; additional $6,500 for 401(k) and 457(b) contributions or $1,000 for IRA
59½
If eligible, may take assets from an employer's qualified plan (401(a), 401(k) , 403(b)) without 10% early withdrawal tax (the 10% early withdrawal tax does not apply to governmental 457(b) plans), 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
If you can delay taking your benefits until age 70, your benefit amount will increase to the highest allowable amount
73-75
When you start taking mandatory withdrawals, called required minimum distributions, from a 457(b), 401(k), 401(a), 403(b) or an individual retirement account (IRA); age 73 if you turn 72 after 2022 or 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.