Important Birthdays Over 50
Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last.
When you are older, “and-a-half” birthdays start making a comeback. In fact, starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications regarding your retirement income. To learn more about the impact your upcoming birthdays can have on your overall retirement, click on the button to the right and download our guide!
16
18
50
55
59½
Workers are able to start making withdrawals from qualified retirement plans without incurring a 10% federal income-tax penalty.
62
Workers are first able to draw Social Security retirement benefits. However, if a person continues to work, those benefits will be reduced. The Social Security Administration will deduct $1 in benefits for each $2 an individual earns above an annual limit.
65
Individuals can qualify for Medicare. The Social Security Administration recommends applying three months before reaching age 65.
65 to 67
Individuals become eligible to receive 100% of their Social Security benefit. The age varies, depending on birth year.
72
Participants must begin taking required minimum distributions (RMDs) from traditional IRAs and qualified retirement plans, such as 401(k), 403(b), and 457 plans. RMDs are based on your account balance and life expectancy.
Important Dates In 2023
January 1st: First day to contribute to traditional and Roth IRAs and Simplified Employee Pension Plans (SEP) for the new year.
January 1st: Medicare Advantage Open Enrollment Period and Medicare General Enrollment Period begins.
January 15th: The current year’s marketplace health insurance open enrollment ends.
January 17th: Due date for quarterly estimated taxes for the fourth quarter of the previous year.
March 31st: End of Medicare Part A and Part B General Enrollment Period. Last day to submit claims for eligible medical expenses from the previous year for many flexible spending account (FSA) plans with a use-it-or-lose-it rollover rule.
April 1st: Last day to take first IRA required minimum distribution (RMD) from traditional retirement accounts without penalty.
April 15th: The last day to contribute to a traditional or Roth IRA, and HSA for the previous year. In addition, for a trust or estate with a tax year ending December 31, the due date is April 15 of the following year.
April 18th: Last day to file income taxes or apply for an extension.
June 15th: Two month filing extension deadline for federal taxes, and last day to file income taxes for Americans living abroad. Estimated taxes for Q2 due.
June 30th: Last day to submit a FAFSA application.
September 15th: Estimated taxes for Q3 are due.
September 30th: Last day to determine beneficiaries after an IRA owner’s death.
October 15th: End of six-month filing extension period for federal taxes. Also, extended deadline to contribute to an SEP IRA for the self-employed and self-business owners.
October 15th: Medicare Advantage and drug plan open enrollment starts.
November 1st: The next year’s marketplace health insurance open enrollment begins.
December 15th: Affordable Care Act open enrollment ends.
December 31st: Last day to take RMDs from an IRA, 401(k), and inherited IRAs. Last day to set up most types of retirement accounts so contributions count for the current year. Also, last day for 401(k) contributions, itemized deductions, stocks, and gifts to count for the 2022 tax year.