Imagine you’ve spent years building your nest egg. Now, as you approach retirement, you realize that timing your decisions, like when to tap into Social Security or how to manage your investments, could mean the difference between a good retirement and the life you want to lead.

Retirement planning goes beyond reaching a savings goal—it’s about knowing which moves are best for you, and when to make them. Here’s a roadmap of general guidelines based on 2025 regulations:

Age 50: Supercharge your retirement savings

At 50, you’re eligible to make catch-up contributions to your retirement accounts, allowing you to invest more during your highest earning years.

Why it matters: This is your chance to close any gaps and boost your nest egg before retirement. If you’re already maxing out your 401(k), you could contribute thousands more each year.

Bankoh Advisors tip: Review your investment strategy and consider increasing your contributions.

Age 55: Early withdrawal flexibility

If you leave your job at 55 or later, you can access your employer-sponsored retirement plan without the 10% early withdrawal penalty.

Why it matters: Having access to these funds can make early retirement possible, but withdrawing too much too soon can impact your future financial security.

Bankoh Advisors tip: Consult with a financial advisor before making withdrawals to ensure you’re not undermining your long-term plans.

Age 59½: Penalty-free access to all retirement plans

At 59 ½ you can now withdraw from most retirement accounts—including IRAs and employer plans—without the early withdrawal penalty. Your withdrawals are still taxable, so planning is key. At this point, you can choose partial withdrawals or Roth conversions to manage your taxes and keep your money growing.

Why it matters: This milestone gives you more flexibility, but it’s important to plan withdrawals carefully to avoid unnecessary taxes and preserve your retirement nest egg.

Bankoh Advisors tip: For a more holistic perspective on your retirement income, work with your advisor to create a withdrawal strategy that minimizes taxes and supports your retirement lifestyle.

Age 62: Social Security eligibility

You can start collecting Social Security, but early filing reduces your monthly benefit. Delaying your payments can increase your payout—sometimes by hundreds of dollars a month. Working while collecting may also temporarily reduce benefits, so timing is everything.

Why it matters: The timing of your Social Security claim can have a lifelong impact on your income.

Bankoh Advisors tip: While it’s common practice to wait until full retirement age to collect, if you already have substantial retirement savings or other sources of income, you may benefit financially by taking your benefits sooner rather than later to maximize your lifetime income.

Age 65: Medicare enrollment

You have a seven-month window to enroll in Medicare when you turn 65, from three months before your birthday month until three months after. If you’re already receiving Social Security benefits, you’ll be enrolled automatically.

Why it matters: If you miss this window and don’t have qualifying employer coverage, you may face lifelong late enrollment penalties and gaps in coverage.

Bankoh Advisors tip: If you’re still working and covered by a robust employer plan, you can delay Part B without penalty.

Age 67: Full retirement age

For those born in 1960 or later, this is when you can claim full Social Security benefits. Claiming at full retirement age maximizes your Social Security income and gives you more flexibility if you continue working.

Why it matters: You receive your full benefit and avoid reductions.

Bankoh Advisors tip: Coordinate your retirement date and Social Security claim with your advisor to ensure it aligns with your long-term plans.

Age 70: Maximize Social Security

Delaying benefits until 70 increases your payments by about 8% per year. This can provide a higher guaranteed income for life. If you have other sources of income, you may opt to delay your benefits to maximize your monthly payments.

Why it matters: Waiting until 70 can significantly boost your monthly Social Security payments, providing greater financial security.

Bankoh Advisors tip: Not sure when to start collecting? Evaluate your income sources and retirement goals with your advisor to decide if delaying Social Security is right for you.

Age 73: Required Minimum Distributions

You must begin withdrawals—your Required Minimum Distributions (RMDs)—from traditional IRAs and 401(k)s to avoid steep penalties, but large withdrawals could push you into a higher tax bracket. In addition, missing an RMD deadline could result in a penalty of up to 25% of the amount you should have withdrawn.

Why it matters: Missing RMD deadlines can be costly, and large withdrawals may impact your tax situation.

Bankoh Advisors tip: Schedule annual reviews with your advisor to ensure you meet RMD requirements and optimize your tax strategy.

What happens if you miss a step?

Oopsies in in retirement can hurt. For example, missing your Medicare enrollment at 65 will result in higher premiums for life. Or, if you forget to start taking your RMD at 73, the IRS could penalize you up to 25% of the missed amount. With evolving tax and investment laws, it pays to stay on track.

How to make the most of each milestone

As you age, your financial life becomes more complex because the stakes are higher. Bankoh Advisors can help you maximize these milestones at every step. For personal advice or a second opinion on how to plan—and protect—your best life, schedule a personal consultation.

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