When it comes to retirement milestones, there isn’t one right answer—especially since Uncle Sam may move targets or employ variables that can be confusing. That’s why it’s important to stay up-to-date on this kind of information.
Case in point: Several years ago, the age at which Americans were required to start withdrawing money from most types of retirement accounts was moved from the year you turned 70½ to the year you turned 72. Moreover, recently it was bumped again, and now it’s no longer the same age for everyone.
So we thought a list of retirement milestones may be a good idea, so you can be aware of the latest key ages for planning your golden years.
By the way, here’s a guide that helped millions of seniors plan their retirement!
Let’s get started!
1. Age 50: Retirement account catch-up contributions
Experts say it’s essential to steadily save for retirement and that this is something everybody should do. But if you’re among those who get a late start, you should know that the federal government will make it a bit easier by allowing “catch-up contributions”.
This being said, one of the retirement milestones is related to the age at which you can start putting more money in your retirement accounts. More exactly, people 50 and older have higher limits than those who don’t meet the age requirement.
For instance, in 2024, the base contribution limit for most workplace retirement accounts is $23,000, while the catch-up contribution limit is $7,500.
This means that someone who’s 49 or younger can put a maximum of $23,000 in a 401(k) plan for the year. However, someone who’s 50 or older can put $23,000 and an extra $7,500—for a total of $30,500—in a 401(k).
11 Responses
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