Key retirement milestones

Important ages to consider

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

72

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).

You may also be eligible to make catch-up contributions in certain instances. Find out more about catch-up contributions.

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.