There are a few special ages that may play important roles in your retirement planning. Here’s a reminder of those ages and why they matter:
1. Age 50: At this age, you can make extra catch-up contributions to your IRA and 401(k) savings. For 2018, these contributions are limited to $1,000 and $6,000, respectively.
2. Age 59½: Once you’ve reached 59½, you’re eligible to make penalty-free withdrawals from your IRAs.
3. Age 70½: After you reach 70½, you’re required to take minimum distributions from your traditional IRAs annually.