Understanding milestone ages in retirement can help individuals plan for their financial future. Key ages include 50, where additional money can be put into IRAs and 401ks, 55, where retirees can take money out of 401ks without penalty, 59 and a half, where the 10% penalty for early withdrawals disappears, and 62, 65, 66, 67, and 70, where various social security benefits become available. Additionally, individuals should be aware of RMDs, or required minimum distributions, which begin at age 73 for some and 75 for others.
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