After 60, a set of government-defined ages and deadlines starts to matter in ways most people are not fully prepared for. Miss a Medicare enrollment window and you may pay higher premiums for life. Claim Social Security at the wrong time and you lock in a permanently reduced benefit. Forget an RMD and the IRS sends a penalty notice. None of these are catastrophes if you know they are coming - but they can all catch people off guard simply because nobody sent a reminder.
This is that reminder. Here are the ages and deadlines that carry real financial consequences, organized so you can find where you are and what is coming next.
Age 59½Retirement accounts open up
You can now withdraw from traditional IRAs and 401(k)s without the 10% early withdrawal penalty. Withdrawals are still taxable as ordinary income - the penalty just goes away.
This does not mean you should withdraw - it means you can if needed without the extra cost.
Age 62Social Security earliest eligibility
You can claim Social Security retirement benefits starting at 62, but your monthly benefit will be permanently reduced - by as much as 30% compared to waiting until full retirement age.
Early claiming makes sense for some people and not others. The breakeven point - where waiting pays off more in total lifetime dollars - is typically somewhere in your late 70s to early 80s.
If you claim early and continue working, earnings above the annual exempt amount ($22,320 in 2025) will temporarily reduce your benefit until you reach full retirement age.
Age 65Medicare Initial Enrollment Period
This is one of the most important deadlines on this list. Your Initial Enrollment Period for Medicare is a 7-month window: the 3 months before your 65th birthday month, your birthday month itself, and the 3 months after.
If you miss this window and do not have qualifying coverage through an employer, you will face a late enrollment penalty on your Part B premium - 10% per year you were late - and that penalty is permanent for as long as you have Part B.
If you are still working and covered by an employer health plan with 20 or more employees, you may be able to delay Medicare without penalty. Confirm this with Medicare directly before assuming.
Age 65 also unlocks the additional standard deduction on your federal tax return and may qualify you for senior property tax exemptions in your county.
Ages 66-67Full Social Security Retirement Age
Full Retirement Age (FRA) depends on your birth year. If you were born between 1943 and 1954, your FRA is 66. For those born in 1955-1959, it rises gradually. For anyone born in 1960 or later, FRA is 67.
Claiming at FRA means you receive 100% of your calculated benefit. Claiming before FRA means a permanent reduction; claiming after FRA means a permanent increase (see age 70 below).
At FRA, the earnings limit for working while collecting Social Security disappears entirely.
Age 70Social Security maximum benefit
For every year you delay claiming Social Security past your Full Retirement Age, your benefit grows by 8% - up until age 70. After 70, there is no additional increase, so there is no reason to wait past this age.
If you were born in 1960 or later (FRA of 67), waiting from 67 to 70 increases your benefit by 24%.
Apply a few months before your 70th birthday so payments begin on time.
Age 70½Qualified Charitable Distributions become available
Starting at 70½, you can make Qualified Charitable Distributions (QCDs) directly from your IRA to eligible charities - up to $105,000 per year (adjusted annually). The amount does not count as taxable income, even though it satisfies your RMD once you reach that age.
This is a meaningful tax planning tool for people who give to charity regularly.
Age 73 or 75Required Minimum Distributions begin
Under current law (SECURE 2.0 Act), RMDs from traditional IRAs, 401(k)s, and most retirement accounts begin at age 73 if you were born between 1951 and 1959, or at 75 if you were born in 1960 or later.
Your first RMD must be taken by April 1 of the year after you reach your starting age. Every subsequent RMD is due by December 31 of that year. Taking two in one year can push you into a higher bracket.
Missing or underpaying an RMD triggers a penalty - currently 25% of the amount you should have taken, reduced to 10% if corrected promptly.
RMDs count as ordinary income and can affect how much of your Social Security is taxable, as well as your Medicare premiums through IRMAA.
Annual Dates to Keep on Your Calendar
Beyond the age-triggered milestones, a handful of recurring annual dates matter for most seniors:
- October 15 - December 7: Medicare Annual Enrollment Period. The window each year to switch Medicare Advantage plans, switch from Original Medicare to Advantage or back, or change Part D drug coverage. Changes take effect January 1.
- January 1: New Medicare plan changes take effect. Also the date IRMAA income lookback resets - Medicare uses your income from two years prior to set premiums.
- April 15: Federal tax filing deadline and Q1 estimated tax payment due.
- June 15 / September 15 / January 15: Remaining quarterly estimated tax payment due dates.
- December 31: Annual RMD deadline (except your very first RMD, which can be delayed to April 1 of the following year - though doing so means two taxable distributions in one year).
The dates that hurt most are the ones people did not know existed. Medicare late enrollment penalties are permanent. Social Security claiming decisions are locked in. RMD penalties accrue. None of these take a life to fix - but knowing they are coming is the entire game.
For a deeper look at any of these topics, the RMD guide and the Social Security taxation guide in the Taxes for Seniors section cover both in detail.
Where to Learn More
- Social Security Retirement Estimator - ssa.gov/benefits/retirement/estimator
Estimates your benefit at different claiming ages using your actual earnings record. - Medicare Initial Enrollment - medicare.gov
Official Medicare explanation of when your Initial Enrollment Period opens and what happens if you miss it. - IRS Required Minimum Distributions - irs.gov RMD FAQs
The official IRS page on RMD rules, starting ages, and the Uniform Lifetime Table. - AARP Foundation Tax-Aide - aarp.org/money/taxes/aarp_taxaide
Free tax preparation assistance for people 50 and older, including help with RMDs and estimated payments. - Eldercare Locator - eldercare.acl.gov or 1-800-677-1116
Connects you with your local Area Agency on Aging for guidance on benefits enrollment and local assistance programs.
Free printable reference sheet
All the key ages and annual dates on one page - prints clearly in color or black and white.
Age thresholds, benefit amounts, and penalty structures referenced here reflect rules as of 2025-2026 and are subject to change. This article provides general information only and does not constitute personalized financial or tax advice. A financial advisor or tax professional can help you apply these timelines to your specific situation.