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The SECURE 2.0 Act introduced new rules, such as adjusted Required Minimum Distribution (RMD) ages and enhanced catch-up contributions for those aged 60-63. Here are the seven milestone ages to note:

📌 Age 50: Begin catch-up contributions to retirement accounts, allowing you to save more and reduce taxable income. Limits vary across 401(k), IRA, and SIMPLE plans.

📌 Age 59½: Withdraw retirement account funds without a 10 percent early withdrawal penalty. Roth IRAs allow tax-free, penalty-free withdrawals of contributions at any time, with additional conditions for earnings.

📌 Age 62: Become eligible for Social Security benefits, albeit at a reduced amount.

📌 Age 65: Qualify for Medicare. Enrollment should occur within seven months of your 65th birthday to avoid late penalties, even if employer insurance is available.

📌 Ages 66-67: Reach Full Retirement Age (FRA) for Social Security, depending on birth year, to receive full, unreduced benefits.

📌 Age 70: Claim the maximum Social Security benefit.

📌 Age 73: Begin Required Minimum Distributions (RMDs) from retirement accounts or face steep penalties.

Key Takeaways: When you understand these milestone ages and their significance, you are more likely to optimize savings, minimize taxes, and make informed decisions regarding Social Security and Medicare.