Our human life span is longer than ever. Having said that, turning 65 should ignite serious conversations with your loved ones about Medicare, life insurance, even your end of life and funeral wishes (final expense).
Seven things to do when you turn 65 years young:
- Familiarize yourself with Medicare and learn also about ‘Medicare Advantage’ – Selecting the right healthcare plan through Medicare can be overwhelming and downright stressful. Check our Medicare Kissimmee page to learn more. And if you’ll no longer have employee-sponsored healthcare, you’ll definitely want to look into getting a Medicare Advantage supplemental insurance policy.
- Determine if you can live a comfortable life after retiring – Just because you may be eligible for retirement doesn’t mean you’re truly ready for it — you should determine if you can live a comfortable life.
- Avoid Penalties of Non Enrollment. – Consider the fact that at age 65 is usually the last time you can get a policy for a somewhat affordable rate. Speak with an expert agent to get your best option.
- Plan your social security benefits claim (reduced benefits earlier or higher benefits later) – Age 66 is now considered Social Security’s “full retirement age,” meaning the age when you can claim your full retirement benefits without penalty.
- Get your legal documents in order and get a will and a power of attorney if you don’t have them already – Getting your wishes in order regarding healthcare, ongoing finances, and your estate is important. And having a legal will will ensure your final wishes are met and protect your assets.
- Make changes in your Health Saving Account (HSA) and maximize your catch-up IRAs and 401(k)s contributions – You’ll need to stop making HSA contributions when you enroll in Medicare, and if you’re still working, this is a good thing to do for an extra cushion when you do retire.
- Get a complete physical examination – Visit your doctor and make sure you’re caught up on routine screenings and exams so you can enjoy life for years to come.
Planning when turning 65?
In sum, turning 65 isn’t entirely pleasant but as long as you prepare properly, you’ll be able to handle whatever comes your way.
Keep in mind that there are definitely some medical conditions and things happening to your body you’ll want to be aware of, and selecting the right healthcare plan through Medicare is important but can be also overwhelming and downright stressful. Luckily, Insurance Pro can help you choose the right Medicare plan for you.