Key Retirement Planning Milestones:
A Timeline for Achievement

Every birthday is special—but these are particularly important for retirement planning.

Take advantage of these key milestones to help ramp up your retirement assets as you prepare for retirement or help make the most of your retirement income distributions while in retirement.

Last Chance to Accumulate

Age 50

A golden opportunity to start making catch-up contributions to your qualified employer-sponsored retirement plan (up to $7,500 in 2023) or for an individual retirement account (up to $1,000 more in 2023), annually.

Age 55

Have your cake and eat it, too. If you're no longer working, you may be able to access money from a 401(k) plan without penalties.[1]

Age 59 1/2

Celebrate! You may be able to withdraw money from your 401(k) or traditional Individual Retirement Account without penalties.

Transitioning to Retirement

Age 62

If you need to, you can start claiming Social Security at 62. (But be careful—for many people, there are good reasons to delay. As it stands today, benefits will increase about 8% for every year you wait.)

Age 65

Happy Medicare day! Did you know you can actually sign up three months before your 65th birthday? Consider this and the potential impact it could have on your premiums.

Age 66/67

Congratulations—you've hit full Social Security retirement age! Of course, whether you keep working is up to you. (Born before 1959? You qualify at 66 and two months for every year after 1954 until 1960. Born in 1959? 66 and ten months. Born any later, and you have to wait for age 67.)

Taking Income Distributions

Age 70

Last call for Social Security—if you haven't started getting benefits, it's time. At age 70, Social Security maxes out at 132% of the initial full benefit.

Age 73

Happy birthday! You have until next April 1 to take your first Required Minimum Distribution (RMD) from your IRA and employer-sponsored retirement plans, and until next December to take the second distribution.[2][3]

Financial Planning Help

Approaching an important milestone? A PNC investment professional can help you prepare and stay on track with a personalized retirement consultation.

Complete a Contact Request
Form and we will contact you.

Call Us

Mon - Fri: 8:30 a.m. - 5 p.m. ET

Visit Us

Find a location and stop by to see us.

Related Resources


Your Retirement Planning Journey

Whether you’re just getting started or have been saving and investing for some time, make the most of your retirement assets with our educational resources.


Retirement Calculator

Get a sense of how much you'll need to live in retirement, how your current assets stack up, and if you need to start saving more for retirement.


Safety Net Calculator

Establish a savings safety net to help take control of your finances.