Turning 65 is a milestone and should be celebrated. 65 was once considered the standard retirement age and you can start making full use of senior discounts!
While you should be keeping fit and eating right to keep yourself healthy, you should also consider other things to do, like taking a look at your healthcare and options for the future. With proper preparation, you will have less to worry about as you enjoy your life.
Understand Your Medicare Coverage
Once you’re 65, you’re eligible for Medicare Part A (Hospital Insurance) and Part B (Medical Insurance). If you have benefits from the Railroad Retirement Board or Social Security, you should automatically be enrolled on the first day of your birthday month of the year you turn 65. If you are not currently receiving any social security benefits, you should apply online if you would like Medicare.
This may be an overwhelming process but you can find the answers to any questions you might have on the Medicare Website or drop a call to Social Security at 1-800-772-1213 to find out about enrolment. You can also speak to your employer or insurance provider, if you have one, so they may assist you.
Understand Medigap
Medigap refers to supplemental health insurance sold by private insurance companies to cover or fill the gaps of what Original Medicare doesn’t cover. Once you’re not working and are not covered by your company’s health insurance, you should consider getting some Medigap policies.
Decide When You Are Retiring
At 65, you may have already considered whether or not you should retire. Get familiar with your assets and financial information and decide if you are ready to retire soon. Just because you can doesn’t mean you should, you might still enjoy working and your job might still be bringing you joy and purpose.
Make Catch-Up Contributions to Your IRAs and 401(k)s
Once you are over 50 years old, you can contribute an extra $6,000 a year to 401(k) and an extra $1,000 a year to IRAs. If you are still working, doing this will ensure you have enough to live comfortably when you retire.
Look into Getting a Long-Term Care (LTC) Insurance Policy
LTC Insurance may help to cover costs such as hospital care or assisted living care needs. They may be expensive but 65 is the last year that you can get a policy at an affordable rate.
Sort Out your Legal Documents, Will, and Power of Attorney
Life is unexpected and accidents may happen at any age. So it’s best to think about what your wishes are regarding your healthcare, estate, and finances. A legal will can ensure that your final wishes are followed and a living will, or an advanced medical directive, will clearly spell out your preferences for any healthcare decisions that have to be made.
Get a Physical Examination
Going for a health examination will let you know if there are any changes you need to make you your lifestyle, diet, or medication. At 65, you still have a long life to live so take care of yourself to make sure you have a good quality of life whether you choose to retire or not.
