Higher contribution limits called “catch-up” contributions may be made to IRAs and qualified retirement plans.
Qualified plan withdrawals
HSA catch-up contributions
If retiring in or after the year you turn 55, penalty-free distributions may be taken from certain qualified employer plans. Higher contribution limits called "catch-up" contributions may be made to HSAs.
Most 401(k) Rollovers
Penalty-free distributions may be taken from most retirement accounts. Many employers allow rollovers from retirement plans to individual retirement accounts.
Application may be made for early Social Security benefits by widows or widowers claiming benefits under spouse’s earnings record.
Personal & Spousal
Social Security Benefits
Application may be made for early Social Security benefits under your own earnings record; the amount will be reduced.
Application may be made for Medicare benefits. Medicare enrollment required unless covered by a group plan.
You may elect unreduced Social Security benefits at your full retirement age (FRA). FRA may be 66, 67, or any two-month interval between 66 and 67 depending on your birth year.
Waiting until 70 to elect Social Security provides the maximum benefit including delayed credits for waiting.
Qualified Charitable Distributions
Erase IRA withdrawals from your taxable income by using a QCD to accomplish your charitable giving. A QCD is a direct distribution from your IRA to a charity.
Minimum Required Distributions
Must start withdrawing an IRS specified amount from most of your retirement accounts. The mandated withdrawal is an RMD.
Use the Social Security Readiness Tool
A QUICK ASSESSMENT
Answer a handful of questions and we’ll help you know if you’re ready for Social Security.