Many aspects of the tax code are linked to age requirements. Beyond birthday celebrations and retirement planning, age milestones can trigger optional or mandatory actions that carry important tax and financial planning implications.

Age at which adult children may no longer stay on their parent’s health insurance plan.

Eligible for catch-up contributions for retirement accounts: $1,000 for IRA, $3,500 for SIMPLE IRA, $7,500 for 401(K).

Participants who are separating from service can withdraw from a qualified retirement plan without incurring a 10% early withdrawal penalty.

Distributions from retirement plans and 401(k) plans are penalty-free.

Surviving spouses are eligible to receive (reduced) Social Security survivor benefits.

Beginning in 2025, additional catch-up contribution allowed within a defined contribution plan equal to 150% of the catch-up in place for that year for those age 50 and older.

Eligible to receive (reduced) Social Security retirement benefit for workers and spouses. Spousal benefits are available only when the other spouse claims benefits. For divorced individuals, spousal benefits are available once the ex-spouse turns 62 if other criteria are met.

Income reported on your tax return is used as a basis to determine Medicare Part B and D premiums, known as the two-year lookback. Higher premiums apply at higher income levels.

Eligibility age for Medicare. Also, taxpayers receive an increase in the standard deduction: $1,950 single; $1,550 per spouse for married filing jointly.

If you were born in 1958 and will reach this age in 2025, you will become eligible for full, unreduced Social Security if you have not yet claimed your benefit.

If you were born in 1959 and will reach this age in 2025, you will become eligible for full, unreduced Social Security if you have not yet claimed your benefit.

Latest age you can delay claiming Social Security benefits and receive delayed credits.

Eligible to use the qualified charitable distribution to gift up to $105,000 tax-free from an IRA.

Required minimum distributions for retirement accounts begin (exceptions apply if you’re still working, participating in the plan and meet certain criteria).

Also noteworthy for 2025, is the fact that this is the first year when certain inherited IRAs will be subject to required distributions. Whether you are subject to this mandate depends on whether the person who left you the account reached their own required distribution phase prior to their passing.

The above age and action items can be helpful when planning for such things as Roth conversions, qualified charitable distributions, 401(k) in-service withdrawals and decisions on when best to claim social security.

Wendy Bennett is a senior financial adviser at Bennett Associates Wealth Management in Butler. Bennett Associates is a registered investment adviser and does not provide any legal, accounting or tax advice. The material prepared is the opinion of the author and for informational purposes.