What does Black Friday have in common with ages 50, 55, 59 1/2, 60, 62, 65, 67, 70, 70 1/2, and 72?

They’re all milestones. Many Americans know Black Friday was traditionally the day that stores would “hit the black” with their finances for the year. But how many Americans would guess that each of those ages I listed above is a financial milestone age? Do you know the meaning of them all?

Financial age milestones

Age 50 – 403b/401k catch up eligibility begins

Age 55 – HSA catch up, rule of 55 begins

Age 59 1/2 – Ending of 10% early withdrawal penalty for IRA and 403b/401k assets

Age 60 – Beginning of eligibility for Social Security benefits for surviving spouses without other qualifications

Age 62 – Beginning of eligiblity for Social Security benefits

Age 65 – Beginning of eligibility for Medicare benefits

Age 67 – Full retirement age for Social Security (for anyone born in 1960 or later)

Age 70 – End of growth of delayed retirement credits for claiming Social Security

Age 70 1/2 – Beginning of eligibility for QCD’s

Age 72 – Beginning of RMDs for 403b’s, 401k’s, 457b’s, IRA’s (but not Roth IRA’s)

How old are you and your spouse? What milestones are you hitting in 2022, or 2023?