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Your Retirement Timeline

Everyone’s retirement is different, but certain ages mark milestone decisions that can have major impacts on the rest of your retirement. Wherever you are, we can help.


Start contributing to your 401(k) to take advantage of any company retirement match.


Keep saving for retirement. If you haven’t started yet, start now.


Consider reviewing insurance policies to understand if there are any gaps between need and coverage.


Work with a financial planner to outline all your goals — not just retirement but also large expenses.

The latest you may want to consider buying long-term care insurance (LTCi) to get the best rates. Because rates are largely based on your individual health, which tends to decline as you age, the earlier you start paying premiums, the lower your rates will be.


59 and six months
When you can begin withdrawing from your traditional IRA or retirement savings plan account without the 10% early withdrawal penalty and from your Roth IRA without penalties.


When everyone can start taking Social Security — but at a reduced amount.


64 and six months
The earliest you can sign up for Medicare Supplement to cover what Medicare doesn’t pay. You can enroll in a Medicare Supplement plan up to six months before your 65th birthday. You cannot, however, enroll in Original Medicare, Medicare Advantage (Part C), or a Part D Prescription Drug plan until three months before your 65th birthday.

64 and six months
Possibly an ideal time to buy a long-term care insurance (LTCi) policy, because:

a. when you sign up for Medicare and a supplemental health insurance policy, you may pay lower premiums and could put that savings toward LTCi premiums

b. now that you’re past 59½, you can pull money from your IRA, Roth IRA or retirement savings plan without penalties — and you could use those withdrawals to purchase an LTCi policy


64 and nine months to 65 and three months
You are eligible for Original Medicare (Part A hospital insurance and Part B medical insurance) at age 65, but you can sign up for it as early as three months before your 65th birthday and as late as three months after the month you turn 65 — a seven-month time period called your Initial Enrollment Period. If you don’t sign up within this time period or within eight months of leaving a job with group health coverage, you may pay late-enrollment penalties for Part B and Part D (prescription drug coverage).

Full Retirement Age (FRA) depends on when you were born. See chart below.

Birth Year FRA
1937 or earlier 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943-1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 or later 67

You can start receiving your Social Security benefit as late as age 70, but delayed retirement credits are no longer applied once you reach 70.


When those born 1951-1959 must start taking required minimum distributions from a traditional IRA and 401(k) or 403(b) plan or face penalties.


When those born 1960 or later must start taking required minimum distributions from a traditional IRA and 401(k) or 403(b) plan or face penalties.


Average life expectancy for a man reaching 65 today.*

*Social Security Administration

Average life expectancy for a woman turning 65 today.*

*Social Security Administration

Not connected with or endorsed by the United States government or the Federal Social Security or Medicare program.


All Examples are hypothetical and for illustrative purposes only and based on our understanding of applicable rules and regulations as of the date of posting and is subject to change. No part of this presentation is intended to make an offer of sale or purchase of any specific security or insurance product. The information is not intended to be a complete discussion of all federal or state insurance, Medicare/Medicaid or Social Security requirements.

This information cannot be used by an investor for determining their needs or strategies. Every investor needs a complete review of their specific situation by a licensed professional before purchasing any product or undertaking any strategy.

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