What are some key ages for retirees to be aware of for retirement planning purposes?

Personal Finance February 24, 2013 Print Friendly and PDF

* Age 59½:  You can make withdrawals from tax-deferred retirement savings accounts without penalty.

*  Age 62:  You can begin receiving Social Security, but the amount of your benefit will be permanent.

* Age 65:  The age for enrollment in Medicare. Social Security recipients are automatically enrolled, but others need to apply for coverage.

* Age 66:  Full retirement age for persons born between 1943 and 1954.

* Age 67:  Full retirement age for persons born in 1960 or later.

* Age 70: Maximum age for Social Security delayed retirement credits.

* Age 70½:  Age at which required minimum distributions from tax-deferred retirement savings plans begin. By April 1 of the year after reaching age 70½, withdrawals must begin.

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