Ready, set, retire — 8 deadlines you need to know

At about age 50, the rules and deadlines for Medicare, Social Security, IRAs, 401(k)s and other employer-sponsored retirement plans start to kick in. Understanding those dates and processes is crucial, both for people who are approaching that age themselves as well as for those whose parents may need some help navigating and staying on top of these deadlines.

The decisions you or your parents make during pre- and post-retirement years can be important in determining how much money will be available during retirement. Debra Greenberg, director, Investment Solutions & Personal Retirement, Bank of America, offers this year-by-year guide.

You're now eligible to make "catch-up" contributions to 401(k)s and other employer-sponsored retirement plans as well as to IRAs.Footnote ¹ View the current 401(k) and IRA contribution limits (PDF).

If you separate from service with your employer during or after the year you reach 55, you may be eligible to take a distribution from your account in a 401(k) or other employer-sponsored retirement plan without paying an additional 10% tax for early withdrawals (on top of regular income taxes). Such distributions are allowed only if you've left the employment of the company sponsoring that plan. But it's generally better to keep your tax-advantaged retirement savings or investments intact, suggests Greenberg. Also, continuing to make contributions to retirement plans while you're working may help your retirement account balances continue to grow.

Once you reach age 59½, withdrawals from employer-sponsored retirement plans and IRAs are no longer subject to the 10% early withdrawal tax, though you still may owe regular income tax on the distributions.

Age 62 is the minimum age at which you can choose to begin receiving Social Security retirement benefits. But for each year you postpone taking this benefit (until age 70), your monthly check will be larger. "By age 62, you'll probably want to have determined your strategy — whether to start collecting Social Security, to keep working or to work and receive benefits — depending on your personal situation," Greenberg says. You can also choose to defer Social Security even if you are not working. If you continue to work and take Social Security, there are income limits that could reduce your benefits until you reach full retirement age.

Moreover, if you retire now and your employer is not in the minority of companies that provides continuing health coverage for retirees, you may be able to extend your group health benefits for a limited time through COBRA (or a state's "mini-COBRA" law). However, you'll have to pay the full cost of COBRA premiums (unless your employer subsidizes all or part of the cost), and once the COBRA benefits end, you'll probably need to purchase a private health insurance policy to tide you over until you're eligible for Medicare.

This is the age at which most Americans are eligible for Medicare, the federal government's retirement health insurance program that covers much of the cost of physician and hospital care and other health services. But Medicare comes in several segments — parts A, B, C and D — and the rules for signing up and receiving benefits through each one can be complex. Get started with Medicare on the Medicare.gov site, which provides basic information about the program, with links to details about premium costs, enrollment deadlines and other important things to know. Age 65 is also when you need to consider purchasing a private Medigap insurance policy to help with copayments and deductibles not covered by Medicare.

Your full retirement age (FRA) for Social Security is the age at which you become eligible for full or unreduced Social Security benefits, and it depends on the year you were born. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, your full retirement age is 66 plus two months for each year after 1954. For example, if you were born in 1956, your full retirement age is 66 and four months. If you were born in 1960 or later, your retirement age is 67. If you were born on January 1, use the previous year to determine your full retirement age.

If you've waited until your 70^th birthday to begin taking Social Security, you'll now get the biggest possible monthly benefit, which may be as much as 77% larger than if you had started receiving payments at age 62. Any further delay in beginning payments won't increase benefit amounts.