Retirement Checklist at 50, 55, 60 and 65

Retirement does not arrive on one date. Tax and benefit rules switch on at different ages, and missing one can cost money or close a door. This checklist walks through the ages that matter most, from 50 to 73, and says what each one means in plain English.

This is general education, not personal advice. Your plan, your employer's plan rules and your health all affect what is right for you. A tax preparer or fee-only financial planner can check your own situation. For the bigger picture, start with our retirement planning guide.

What are the key retirement ages at a glance?

The sections below explain each row and give a short to-do list.

What should you do at 50?

At 50 you can save more. The IRS says catch-up contributions become available in the year you turn 50 for IRAs and for employer plans that accept elective deferrals. For 2026 the IRS announced these limits:

Limits are reset by the IRS from year to year, so check the current figure before you contribute.

Checklist at 50

• See whether your plan allows catch-up contributions and ask how to turn them on.
• Add up what you have saved and what you spend. Our guide on how much you need to retire shows the arithmetic.
• Create or check your online account at the Social Security Administration (SSA) and review your earnings record.

What should you do at 55?

Age 55 matters for two reasons.

The "Rule of 55." IRS Topic 558 lists this exception to the 10% additional tax for retirement plans other than IRAs: "Distributions made to you after you separated from service with your employer after attainment of age 55." In plain terms, if you leave a job in or after the year you turn 55, withdrawals from that employer's plan may avoid the 10% additional tax. Whether they are taxed as income is a separate question to ask a tax professional. Topic 558 applies to plans other than IRAs, and our reading is that the exception does not cover money you have already rolled into an IRA. We did not find a source on whether every plan allows these withdrawals, so ask your plan administrator before you act.

The HSA extra amount. IRS Publication 969 (2025 edition) says that an eligible person who is 55 or older at the end of the tax year can contribute $1,000 more to a health savings account (HSA). That figure is from the 2025 publication; check the current year's number.

Checklist at 55

• Ask your plan whether it allows partial withdrawals after you leave, and what its rules are.
• If you have an HSA, note the age-55 extra amount.
• Start a list of your regular monthly costs for retirement.

What does age 59½ mean?

The IRS says early distributions from an IRA are generally those taken before age 59½. Topic 557 says you will be assessed a 10% additional tax on early distributions from traditional and Roth IRAs "unless an exception applies," and that the tax applies to the part you must include in gross income. Once you pass 59½ the tax generally no longer applies, but regular income tax can still be due on traditional accounts.

Checklist at 59½

• Check which of your accounts are taxable, tax-deferred or Roth before you withdraw anything.
• Do not treat 59½ as a reason to start withdrawals. It only removes one penalty.

What changes between 60 and 63?

For 2026, the IRS says the 401(k) catch-up limit for people aged 60 to 63 "remains $11,250 instead of the $8,000 noted above." That is a higher catch-up than other people aged 50 and over, if the plan allows it.

Checklist at 60 to 63

• Ask your plan whether it offers the higher catch-up.
• Get your Social Security estimate for ages 62, 67 and later, from your SSA account.

What happens at 62 and 67 with Social Security?

The SSA says you can start retirement benefits "as early as age 62," and that "if you were born in 1960 or later, your full retirement age is 67." For a wage earner who starts at 62, the SSA's table shows the benefit is reduced to 70.0% of the full amount. The same table shows 100.0% at age 67.

Which claiming age is right depends on your record, your health and your household. We do not tell you when to claim.

One other age-62 rule is worth knowing: the IRS says a pension plan may pay benefits to a participant who is 62 or older even if they have not left their job. Plans differ, so ask yours.

What should you do at 65 about Medicare?

Medicare's Initial Enrollment Period is 7 months. Medicare.gov says it starts 3 months before you turn 65 and ends 3 months after the month you turn 65. It also says coverage always starts on the first of a month, and that missing the window may mean waiting to sign up and paying a "monthly late enrollment penalty for as long as you have Part B coverage," which "goes up the longer you wait." Special rules can apply if you or your spouse are still working and have employer coverage, so check Medicare.gov or ask your employer's benefits office.

HSA and Medicare. IRS Publication 969 says: "Beginning with the first month you are enrolled in Medicare, your contribution limit is zero." If you want to keep contributing to an HSA, enrolling in Medicare is the point to check first.

Checklist at 65

• Mark the 7-month Medicare window on your calendar.
• If you have an HSA, plan when to stop contributing.
• Decide with a professional how withdrawals and Social Security will fit together.

What happens with required withdrawals at 73?

The IRS says you generally have to start taking withdrawals from most retirement accounts at age 73. For IRAs the first required date is April 1 of the year after the year you reach 73. The IRS also says you are not required to take withdrawals from Roth IRAs while you are alive. Our RMD guide explains required minimum distributions (RMDs) for metals held in an IRA.

The IRS publication we read (590-B) shows this starting age has been changed by law before: 70½ for 2019 and earlier, 72 for 2020 through 2022, and 73 for 2023 and later. The IRS pages we read do not mention a later age, but please confirm the starting age for your own birth year on the IRS site before relying on 73.

Common mistakes with age rules

• Treating 59½ as "free money." It removes the 10% additional tax, not income tax.
• Rolling over before using the Rule of 55. Our reading of Topic 558 is that the exception applies to plans other than IRAs, so moving money first may change your options. Ask a professional.
• Missing the Medicare window. The late-enrollment penalty can last as long as you have Part B.
• Assuming one date fits both spouses. Each person has their own birthday and their own deadlines.

Where gold and silver IRAs fit - and where they do not

A gold or silver IRA is a self-directed IRA holding IRS-eligible metal. None of the ages above is a reason to hold or avoid it. Each age rule applies to the account's type (IRA, 401(k), Roth), not to what the account owns. Our guide What is a Gold IRA? explains how these accounts work.

Why some people consider them. Supporters commonly cite three reasons (our summary, not drawn from a cited source): the metals are tangible, they may behave differently from stocks and bonds and so may add diversification, and some people see them as a hedge when they worry about inflation. These are arguments, not guarantees, and we do not predict prices.

What the rules say. The IRS collectibles page says an account's acquisition of a collectible "is treated as an immediate distribution from such account in an amount equal to the cost to the plan of such collectible." It excludes gold, silver, platinum or palladium bullion "of a certain fineness" "if a bank or approved non-bank trustee keeps physical possession of it." Our reading is that holding metal at home can cause a taxable distribution; see our collectibles rule guide. That is an interpretation, not legal advice.

Costs and age-based rules. Dealer markups, custodian and storage fees, and selling costs all reduce what you keep. See Gold IRA fees and Gold IRA risks. Metal held in an IRA is also part of the account for the age-73 withdrawal rule, so at that age you may need cash or a way to sell metal to meet it. A rollover from an employer plan is a separate decision; see our 401(k) to Gold IRA guide and talk with a qualified professional first, especially if you are using the Rule of 55.

Related questions

Can I withdraw from my 401(k) at 55 without the 10% additional tax?

Possibly, if you separated from service in or after the year you turned 55 and the plan allows the withdrawal. Income tax can still apply. Ask your plan administrator.

When does Medicare start?

You become eligible around age 65. Your Initial Enrollment Period runs 3 months before to 3 months after your 65th-birthday month.

What is the earliest age for Social Security?

62, according to the SSA. Starting then reduces the monthly amount, which is 70.0% of the full benefit for someone born in 1960 or later.

Do Roth IRAs have required withdrawals?

The IRS says you are not required to take withdrawals from Roth IRAs during your lifetime.