Whether you’ve been looking forward to turning 65 or dreading it, its finally here. What do you do now? There is certainly a lot that you need to get done to prepare for life now and in the future. You might not have given much thought about what you should be doing to take care of needs that may arise in your near future. No matter what you’re already facing or need to prepare for, the important thing is that you prepare properly while you still can.
But where should you start? What are the most important things you should be taking care of as you turn 65? This article will help answer these questions by going through the top 7 things you should do when you’re turning 65.
The process of signing up for Medicare can seem daunting. But start with simply familiarizing yourself with the different parts of Medicare. Sit down and make a list of the medical services and items that you need now and/or foresee yourself needing. That way, when the time comes for you to go in and enroll for a plan, you’ll be clear on what’s being offered and what you need.
At the age of 65 most people are eligible to sign up for Original Medicare. Original Medicare consists of hospital insurance (Part A) and Medical’ Insurance (Part B). You also have the option of enrolling in a Medicare Advantage plan, which is like a bundle of Part A, Part B and likely prescription drug coverage (Part D). One of the main differences between Medicare Advantage and Original Medicare is that Medicare Advantage is through a private insurer.
If you’re finding the process of getting to know Medicare confusing or overwhelming, don’t hesitate to reach out for help. You can visit the Medicare website to get more information or reach out to your current insurance agent or even your employer to get some assistance digesting all the information.
Most people typically know whether they will retire at 65 long in advance. But if you’re on the fence about retiring or even if you’re still working when you turn 65, it’s more than just a good idea to go through all of your financial data and calculate where you stand, it’s essential. Because even if you are eligible to retire at 65, it doesn’t necessarily mean that you’re financially ready. Beyond that, you might have few health limitations and enjoy the work you’re doing while employed.
The choice will ultimately be yours. But it should be an informed decision. Which is why taking the needed time to review your financial standing and savings is essential to making the decision whether to retire.
Medigap policies cover what Medicare plans will not. These types of policies will only be sold via private insurance companies. Medigap plans are supplemental but might be necessary if you decide to return to work after turning 65 but no longer receive employee-sponsored healthcare.
Long-term care policies
Long-term care consists of many different services that are designed to meet your healthcare or personal care needs. These sorts of policies can enable you to live as independently and safely as can be when you’re no longer able to perform necessary everyday activities on your own. Long-term care insurance policies can be expensive, and you might never end up putting it to use, but if you are considering signing up for one, age 65 is that last point that you’ll be able to sign up for one at an affordable price.
Social Security benefits
When you reach the age of 66 you’ll be considered full retirement age according to Social Security. That means that until you turn 66 you won’t be able to claim your full retirement benefits without receiving a penalty. Think about your immediate and long-term needs before claiming your Social Security benefits.
At any age, it’s a good idea to start organizing your legal documents and affairs. Consider what would happen if you decided to put it off and then a sudden accident or illness befell you. In that situation decision-making may become a lot more difficult than before.
Being proactive about these matters can help reduce stress in the future. You’ll want to think about your wishes about healthcare, your ongoing financial matters, and your estate, to name a few. Get everything organized. Consider letting a trusted family member or your lawyer know where those organized documents are in your home.
This is not something that we like to think about, but calmly communicating with your loved ones about your end of life wishes is important. This will save them a lot of extra pain later when the time comes. Have this conversation in a relaxed setting, with everybody calm and attentive, then move on and enjoy your time together. After all, turning 65 isn’t a death sentence.