Social Security Timelines

Higher contribution limits called “catch-up” contributions may be made to IRAs and qualified retirement plans.

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.

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.

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.

Must start withdrawing an IRS specified amount from most of your retirement accounts. The mandated withdrawal is an RMD.