IN TODAY’S WORLD, the responsibilities of preparing for retirement fall upon each individual. When you retire, you will discover income taxes do not stop because you stop working. For this reason, age-based tax planning should be an integral part of your overall retirement strategy.

If you are near or in your 50s, it is important to be aware of certain milestones that create opportunities for you to maximize your savings. Here are some of those important ages to remember:

Age 50: Catch-up contributions allowed for both 401(k) and IRA

Age 55: 401(k) distributions allowed for those who retire in the year they turn 55 or older

Age 55–65: Evaluate if long-term care insurance is appropriate

Age 59½: IRA and 401(k) distributions allowed

Age 60: Minimum age a surviving spouse may claim widow(er) Social Security benefits

Age 60–70: Specific Roth conversion opportunities

Age 62: Social Security eligibility begins

Age 63½: Age at which COBRA will carry you until Medicare

Age 65: Medicare enrollment begins

Age 66–67: Entitlement to full Social Security benefits (also known as Full Retirement Age)

Age 70: Maximum Social Security benefits achieved

Age 70½: Required minimum distributions for both 401(k) and IRA

Age 75-plus: Discuss end-of-life decisions with your spouse and immediate family

The biggest challenge in retirement always is making your funds last you a lifetime. Just as an itinerary can maximize your time and money on a big trip, a retiree should have a similar plan for achieving his or her own retirement goals. By being aware of those important dates along the way, you ensure you may take full advantage of those tools available to you. Wealth managers can guide you on a path to achieving financial success by helping you to take advantage of the appropriate age-based tax-planning opportunities.