Question 1

What is the full retirement age for Social Security in 2026?

Accepted Answer

Full retirement age (FRA) is 67 for anyone born in 1960 or later — the final step of a 42-year phase-in from age 65. Claiming before FRA (as early as 62) permanently reduces your monthly benefit, while delaying past FRA (up to age 70) permanently increases it.

Question 2

Should I claim Social Security at 62, 67, or 70?

Accepted Answer

It depends on your health, other income, and whether you're still working. Claiming at 62 means a permanently reduced benefit (roughly 30% less than at FRA) and, if you're still working, an earnings test that withholds benefits above $24,480/yr (2026) until you reach FRA. Delaying to 70 maximizes your monthly benefit but means more years without it. Many financial planners suggest delaying if you can afford to and are in good health, since the increase is roughly 8%/year past FRA.

Question 3

What happens if I miss my Medicare enrollment window?

Accepted Answer

If you don't have qualifying coverage (typically from an employer with 20+ employees) when your 7-month Initial Enrollment Period closes, you can face a late-enrollment penalty added permanently to your Part B premium, plus a separate penalty for Part D drug coverage. These penalties generally don't go away, making the enrollment window one of the least forgiving deadlines in retirement planning.

Question 4

What are the 2026 catch-up contribution limits for people near retirement?

Accepted Answer

Ages 50-59 and 64+ get an $8,000 401(k) catch-up beyond the $24,500 standard limit ($32,500 total). Ages 60-63 specifically get a higher "super catch-up" of $11,250 under SECURE 2.0, for $35,750 total — available only during those four years. IRA catch-up adds $1,100 to the $7,500 limit, for $8,600 total.

Question 5

Do I still need life insurance close to retirement?

Accepted Answer

Not necessarily as much as before. If your dependents are financially independent and your retirement savings could cover final expenses and any remaining debts, you may be able to reduce or drop term coverage. If you still have dependents, a remaining mortgage, or want to leave a tax-efficient inheritance, maintaining or adjusting coverage may still make sense — recalculate rather than assume.

Question 6

When do Required Minimum Distributions (RMDs) start?

Accepted Answer

Under SECURE 2.0, RMDs from traditional 401(k)s and IRAs start at age 73 if you were born between 1951 and 1959, or age 75 if born in 1960 or later. Missing an RMD triggers a 25% excise tax on the amount you should have withdrawn, reduced to 10% if corrected within two years.

Pre-Retirement (55-65) Financial Planning

Why This Matters

Your 5-Step Plan

Max Out 2026 Catch-Up Retirement Contributions

Guidance

Action Checklist

Decide Your Social Security Claiming Strategy

Plan Your Medicare Enrollment (Avoid Permanent Penalties)

Reassess Life Insurance — You May Need Less Than You Think

Build a Retirement Income & Withdrawal Plan

Frequently Asked Questions

Your Checklist