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Your Retirement Plan Timeline

Age Related Events To Add to Your Retirement Plan Timeline


Certain retirement planning events are triggered at specific ages, such as when you can begin drawing on Social Security, or when you are required to take IRA distributions.

Other retirement planning events are not age-triggered... but perhaps they should be. Below is your guide to planning by retirement age - a list of what happens, and what you need to be thinking about as you reach various retirement ages.

AGE 55

Age 55? It's time to get serious about your retirement planning. Rather than looking for the best investments, you should begin thinking about strategies that help you maximize your lifetime income.

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In addition to considering where your retirement income will come from you'll want to look at changes in your insurance needs and make sure you have the appropriate estate planning documents.

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AGE 59 ½

59 ½ is the first age at which you can take withdrawals from your IRA accounts without incurring a penalty tax. Begin to look at how your retirement income will be taxed and if you'll have enough to live the lifestyle you want in retirement.

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AGE 62

This is the age when you can begin receiving Social Security benefits. You will receive a larger Social Security benefit if you wait until your full retirement age to apply for benefits, and an even larger benefit if you wait until age 70 to start collecting. Before making such important planning decisions, be sure to take a detailed look at your personal life expectancy - this can help you make the best financial decisions for your individual situation.

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AGE 65

This is when you enroll in Medicare and Medicare Part B. Your Medicare Part B premium will be calculated based on MAGI (Modified Adjusted Gross Income) from your tax return two year's prior. If your current income is much lower than your income two years ago you can request a decrease in your Medicare Part B premium.

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AGE 70

As you reach 70 and beyond strategies such as reverse mortgages and immediate annuities become more attractive. Such strategies may allow you to increase your income without taking on market risk.

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AGE 70 ½

Once you reach age 70 ½ you are required to take distributions from your IRAs and/or other qualified retirement accounts like 401(k) plans. These mandatory distributions are called required minimum distributions.

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AGE 75+

Every few years it is important to review the plans you have put in place. Periodic reviews allow you to catch small problems before they become large problems. The 9 step retirement plan review will tell you what to look for when conducting a thorough review. You'll also want to give some thought to, and begin discussing, end of life decisions with your spouse and immediate family.

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