Milestones by birth age: Birth to age 75

Over your lifetime, there have been many changes to retirement plan rules, Social Security benefits, and other financial matters relating to your age. It can be challenging to keep track of what you need to do - and when you need to do it. Below is a guide to Milestones by Age to keep you and your family members on track about financial decisions and important life milestones.

At Birth

A baby can be named as beneficiary of 529 plan account, and named as an owner of UTMA/ UGMA accounts. Parents may open a Roth IRA IF the baby has any earned income. This would be unusual, but think of situations like “the Gerber baby.”

Ages 14 and 16

The minimum working is age 14 in the United States. At age 16, one can get a driver’s license (age 15 in some states). A 16-year-old may give medical consent, access certain healthcare services confidentially, donate blood (age 17 in some states), and consent to sex. They may obtain a passport without parental consent, get a fishing license, receive a student pilot certificate and operate a snowmobile (with a valid driver’s license). One may also file for emancipation from their parents at age 16.

Age 18

Age 18 is considered the Age of Majority in most states. At 18, an individual:

· May open bank and brokerage accounts without parental consent.

· Have full access to most UGMA and UTMA accounts (21 in some states) and withdraw funds.

· Can apply for a credit card with independent income with a co-signer.

· No longer receives child Survivor Social Security benefits for a deceased parent.

· Loses child support from a divorced parent unless stipulated otherwise in the divorce agreement.

· Can enlist in the Military without parental consent.

· Must register for Selective Service if male.

· Can register to vote in general elections and hold an elected office in a state (varies by state)

· May sign a binding contract.

· Marry without parental consent in most states.

· Skydive.

Age 21

Age 21 is considered the Age of Majority in a few states. At 21, one can serve on jury duty, open a credit card without a co-signer, rent a car (with an extra fee if under 25; gamble and purchase alcohol, tobacco products, and a handgun.

Ages 22 to 26

At age 22, an individual is no longer eligible to receive state secondary special education services (varies by state). One must file the FAFSA for college financial aid as an independent student at age 24. The minimum age to serve in the US House of Representatives is 25. One is no longer eligible to be covered by a parent’s health insurance policy at age 26.

Ages 30 and 35

Anyone with a Coverdell college account must empty the account by age 30 to avoid tax penalty. Age 30 is also the minimum age to serve in the US Senate; age 35 is the minimum age to serve as President of the United States.

Ages 50 to 59.5

At 50, one can make catch-up contributions to retirement accounts [e.g., IRA 401(k), 403(b), 457]. Disabled individuals, widows and widowers become eligible for Social Security benefits. At 55, one may make catch-up contributions to health savings account or HSA. There are also penalty exceptions for certain withdrawals from retirement accounts at age 55. At 59.5, one can withdraw from IRAs without the 10% early distribution penalty.

Age 60

A widow or widower is eligible to claim Social Security survivor benefits at a reduced rate.

Ages 60 to 63

New rules in 2025 allow higher catch-up contribution limits in 401(k) plans (up to $11,250 and higher catch-up contribution limits in SIMPLE IRA (the greater of $5,000 or 150% of the regular age 50 catch-up contribution limit).

Age 62

Age 62 is the earliest date to claim Social Security retirement benefits, but the benefit amount will be lower (70% of a Full Retirement Age benefit). One is also eligible to qualify for a reverse mortgage

Age 65

At 65, one becomes eligible for coverage under Medicare (assuming timely application). The initial enrollment period starts at age 64 + 9 months. Non-medical withdrawals from an HSA are also allowed without penalty

Ages 66 to 67

For anyone born in 1960 or later, age 67 is Full Retirement Age and eligible for 100% of their Social Security benefits. FRA is two to ten months earlier If born between 1954 and 1959 (Age 66 & 2 months up to age 66 & 10 months).

Ages 70 and 70.5

At age 70, the maximum Social Security benefit is reached. One is eligible to make a Qualified Charitable Distribution at age 70.5.

Ages 73 and 75

A retirement account owner must begin Required Minimum Distributions at age 73 if born between 1951 to 1959. If born in 1960 or later, one must begin Required Minimum Distributions at age 75.

If you have questions about this topic, reach out to a financial professional. If you are not currently working with FPS, we would be happy to talk with you. Questions? We are here to help.

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Best regards,

Janet Rhodes Friedman, CFP®, CDFA®, MBA

Janet@PlanWithFPS.com

617-630-4978

Financial Planning Solutions, LLC (FPS) is a Registered Investment Advisor. Financial Planning Solutions, LLC (FPS) provides this blog for informational and educational purposes only. Nothing in this blog should be considered investment, tax, or legal advice. FPS only renders personalized advice to each client. Information herein includes opinions and source information that is believed to be reliable. However, such information may not be independently verified by FPS. Please see important disclosures link at the bottom of this page.