Did you know around one out of four Americans say they don’t plan to retire? If you plan to retire and are turning 65, we can help.
In this guide, we’ll go over retirement planning tips. You’ll know what to do when you hit your 65th birthday.
Want to learn more? Keep reading.
Understand Medicare Better
People who turn 65 become eligible for Original Medicare, Part A, and Part B.
You could also look into enrolling in Medicare Advantage or Medicare Part C.
People new to Medicare can feel overwhelmed when they see a gap in medical coverage. If you need help, talk to an insurance agent.
Will You Retire Now or Later?
People tend to know when they’ll retire before they hit their 65 birthday. If you’re still working when you turn this age, spend some time assessing your financial situation.
Take a look at your assets and financial information so you can learn where you stand. Being eligible for retirement doesn’t mean you should retire.
Figure out what will work so you can live comfortably. You might be in good shape and love your job.
Medigap supplemental insurance policies get sold by private insurance companies. People get these policies to fill the gaps in expenses that standard Medicare won’t cover.
If you no longer have employer-sponsored healthcare, look into a supplemental insurance policy.
What About a Long-Term Care Insurance Policy?
Private long-term care insurance policies help you cover costs for assisted living.
Assisted living care is expensive. Yet, you should invest in a policy because, past 65, you might not get an affordable rate. Learn about making a smooth transition to assisted living.
Plan Your Social Security Benefits Claim
66 is Social Security’s full retirement age. This is the age where you can claim full retirement benefits without facing a penalty.
Some people will begin to claim reduced benefits around age 62. Others will wait after full retirement and claim higher benefits.
Prepare Your Legal Documents
Many 65-year-olds will have many years ahead of them. Yet, an accident or illness could complicate crucial decisions. Make sure you prepare your legal documents in advance.
Explain what you would like to happen with your estate, finances, and healthcare.
Think about your choices. Make sure your personal and medical files get organized.
Create a Will and Choose a Power of Attorney
Don’t put this off. You want to make sure this paperwork gets organized. If you are hesitant to begin this process because you find it daunting don’t worry, there are quality services that allow you to easily make a will online.
Don’t put this off. You want to make sure this paperwork gets organized.
Now You Know What to Do After Turning 65
We hope this guide on what to do after you turn 65 was helpful. Turning 65 can be a celebration when you have things set in place.
Make sure you choose a power of attorney, create a will, and prep your legal documents. Consider getting more Medicare coverage.
Are you looking for more helpful retirement tips? Check out our health sections.