Unlock Your Financial Future

TLDR: There are several key ages that have an impact on an individual’s finances. At age 18, minors are no longer restricted from accessing funds in accounts like UGMA or UTMA. At age 26, individuals can no longer stay on their parents’ health insurance policy. At age 50, catch-up contributions can be made to retirement accounts. At ages 55 and 59.5, catch-up contributions can be made to health savings accounts and penalty-free retirement withdrawals can be made, respectively. At age 60, Social Security Survivor benefits can be collected. At age 62, reduced Social Security benefits can be collected. At age 65, individuals become eligible for Medicare. At age 67, individuals reach the full retirement age for Social Security. At age 70, individuals reach the maximum Social Security benefit. At age 73 or 75, individuals must start taking required minimum distributions, depending on their birth year.