You know how I’ve been yapping on and on about how I’m determined to retire when I’m 50? Looks like I have to tack on another 5 years. Take a look at this list of retirement milestones that I put together. 55 or bust! Who’s with me? I have 17 years to go. Not that I’m counting!
Age 55: You can quit your job and withdraw money from your 401k penalty-free.
Age 59.5: Withdraw funds from any of your retirement accounts penalty-free.
Age 60: Take social security benefits if you are widowed.
Age 62: You can elect to collect Social Security at a reduced benefit. 75% of what you would have gotten had you waited until 66 or 67.
Age 65: You’re eligible for Medicare.
Age 67: You qualify for full Social Security benefits.
Age 70.5: Withdrawals are now mandatory from tax-deferred retirement accounts.