No two life stories are identical, but many of us do share landmark moments and milestones. Whether it’s your first day behind the wheel or last day in the workforce, these moments are key to our collective identity and part of the fabric of America.
These moments don’t slow down when you turn the big 5-0; in fact, some would say they only intensify in terms of importance. While the landscape of retirement has shifted over the decades, it’s important to be mindful of these significant dates and account for them when meeting with your financial professional. To learn more about the changing story of retirement, click on the button below and download our free guide!
As Olivia Rodrigo reminded us with her hit single in 2021, this is the age most Americans get their driver’s licenses — and officially hit the road to adulthood.
Casting a ballot come election time is arguably our most important civic duty though it’s entirely understandable if one doesn’t fully realize that as a teenager. Nevertheless, the 26th Amendment to the U.S. Constitution ensured all 18-year-olds the right to vote.
In addition to their normal contributions, workers in certain qualified retirement plans can begin making annual catch-up contributions at this age.
Alive at 55!
Here’s where you may be able to take penalty-free distributions from your retirement plan, assuming you have a qualified plan at the job you left and separate from service in or after the year you turn age 55. Be warned, though: The strategy does not work if you move money to an IRA.
Workers may start making withdrawals from qualified retirement plans without incurring a 10% federal income tax penalty.
This is the age at which workers are first able to draw Social Security retirement benefits. However, if a person continues to work, those benefits will be reduced. The Social Security Administration will deduct $1 in benefits for each $2 an individual earns above an annual limit.
Individuals can qualify for Medicare. The Social Security Administration recommends applying three months before reaching age 65.
65 to 67
Individuals become eligible to receive 100% of their Social Security benefit. The age varies, depending on birth year.
Participants must begin taking required minimum distributions (RMDs) from traditional IRAs and qualified retirement plans, such as 401(k), 403(b) and 457 plans. RMDs are based on your account balance and life expectancy.
Important Dates in 2022
January 1: First day to contribute to a traditional and Roth IRAs and Simplified Employee Pension Plans (SEP) for the new year.
January 1: Medicare Advantage Open Enrollment Period and Medicare General Enrollment Period begins.
January 15: Due date for quarterly estimated taxes for the fourth quarter of the previous year.
March 31: End of Medicare Part A and Part B General Enrollment Period. Last day to submit claims for eligible medical expenses from the previous year for many flexible spending account (FSA) plans with a use-it-or-lose-it rollover rule.
April 1: Last day to take first IRA required minimum distribution (RMD) from traditional retirement accounts without penalty.
April 15: Last day to file income taxes or apply for an extension.
April 15: Estimated taxes for Q1 are due. Also the last day to contribute to a traditional or Roth IRA, and HSA for the previous year.
June 15: Two month filing extension deadline for federal taxes, and last day to file income taxes for Americans living abroad. Estimated taxes for Q2 due.
June 30: Last day to submit a FAFSA application.
Sept. 30: Last day to determine beneficiaries after an IRA owner’s death.
Oct. 1: Extended trust and estate income tax returns due.
Oct. 15: End of six-month filing extension period for federal taxes. Also, extended deadline to contribute to an SEP IRA for the self-employed and self-business owners.
Oct. 15: Medicare Advantage and drug plan open enrollment starts.
Dec. 15: Affordable Care Act open enrollment ends.
Dec. 31: Last day to take RMDs from an IRA, 401(k) and inherited IRAs. Last day to set up most types of retirement accounts so contributions count for the current year. Also, last day for 401(k) contributions, itemized deductions, stocks and gifts to count for the 2022 tax year.
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