Important Birthdays
16
Drive
As Olivia Rodrigo reminded us with her hit single in 2021, this is the age most Americans get their driver's licenses - and officially hit the road to adulthood.
18
Vote
Casting a ballot come election time is arguably our most important civic duty though it's entirely understandable if one doesn't fully realize that as a teenager. Nevertheless, the 26th Amendment to the U.S. Constitution ensured all 18-year-olds the right to vote.
50
Big 5-0!
In addition to their normal contributions, workers in certain qualified retirement plans can begin making annual catch-up contributions at this age.
55
Alive at 55!
Here's where you may be able to take penalty-free distributions from your retirement plan, assuming you have a qualified plan at the job you left and separate from service in or after the year you turn age 55. Be warned, though: The strategy does not work if you move money to an IRA.
59½
And 1/2
Workers may start making withdrawals from qualified retirement plans without incurring a 10% federal income tax penalty.
62
SSA!
This is the age at which workers are first able to draw Social Security retirement benefits. However, if a person continues to work, those benefits will be reduced. The Social Security Administration will deduct $1 in benefits for each $2 an individual earns above an annual limit.
65
Health
Individuals can qualify for Medicare. The Social Security Administration recommends applying three months before reaching age 65.
65 to 67
100%
Individuals become eligible to receive 100% of their Social Security benefit. The age varies, depending on birth year.
73
RMDs
Participants must begin taking required minimum distributions (RMDs) from traditional IRAs and qualified retirement plans, such as 401(k), 403(b) and 457 plans. RMDs are based on your account balance and life expectancy.
73 if you reach age 72 after Dec. 31, 2022
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