A 2025 Charles Schwab study found that the average American worker had a retirement savings target of $1.6 million, which they expected to cover them for 22 years.

However, reaching your retirement savings goal requires making important decisions about funding your account, and you’ll need to withdraw those funds wisely later to avoid penalties. Plus, there are considerations for health insurance and Social Security benefits.

In a recent YouTube video, money expert Rachel Cruze addressed these common concerns. Here are seven crucial retirement decisions that you’ll need to make at different ages.

Cruze said, “If this account has been open for 15 years or more, you can roll up to $35,000 from a 529 into a Roth IRA, which is absolutely incredible.”

While Cruze suggested considering this once you’re older than 21, the right age will depend on how long ago your parents opened the account. As a bonus, you can make penalty-free 529 plan withdrawals up to the amount of tax-free scholarships received, but income taxes apply to earnings.

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Once you reach age 50, you become eligible to contribute more money to your 401(k), IRA and other qualifying retirement accounts. Taking advantage of this perk is especially helpful if you’re off track for your savings goal or you now earn a higher salary that can accommodate bigger contributions.

According to the IRS, the IRA catch-up contribution amount is $1,100, raising the $7,500 base limit for 2026. Meanwhile, 401(k) accounts have a base limit of $24,500 in 2026, with an extra $11,250 allowed between ages 60 and 63 and $8,000 for other ages 50 and up.

Cruze noted the minimum age of 59 ½ for withdrawing funds from a tax-advantaged retirement account without owing the 10% early withdrawal penalty. However, you may still owe regular income taxes on that money, such as if you have a traditional 401(k) or IRA.

Also, the IRS has exemptions to the 10% tax penalty for specific circumstances that vary by the account type. For example, you can take money from your IRA for qualified college expenses, and you can tap into a 401(k) or IRA if you become totally and permanently disabled.

You can claim your Social Security as early as age 62, but waiting until age 70 gives you the highest benefit amount. This Social Security calculator can give you an idea of how much you might get at different ages based on your earnings history.

Ultimately, you should consider factors like your life expectancy, financial stability and work plans to decide on the right timing. Getting a financial advisor’s insights is also wise.

Cruze discussed how you become eligible to get Medicare health insurance once you turn 65. You’ll usually pay nothing for Part A, which covers inpatient care, and Part B for outpatient care starts at around $185 per month, according to the Medicare website.

You might still have employer health coverage at age 65 and hold off on signing up for Medicare. But be aware that delaying enrollment comes with penalties in some situations.

Cruze explained, “Traditional accounts — traditional 401(k), traditional IRA — you have to start pulling money out because when you have originally funded those accounts, you did it with pre-tax dollars before you were taxed on your income.”

You’ll owe taxes on the growth and contributions and need to start taking minimum distributions from these accounts once you’re 73 years old. The IRS has worksheets that help you determine how much to withdraw based on your account balance, life expectancy and marital status.

Finally, Cruze said, “The No. 1 most important thing to remember when it comes to retirement investing is that it’s never too early or too late to invest.”

If you’re in good financial shape with no consumer debt and a three-to-six-month emergency fund, investing at any age will benefit your retirement finances. Cruze gave a guideline of contributing 15% of your pay, and the sooner you start, the longer your cash will have to grow. You can use the Ramsey retirement calculator to see how much money you might end up with.

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This article originally appeared on GOBankingRates.com: 7 Crucial Retirement Decisions To Make by Age, According To Rachel Cruze