12 Things to Know When Turning 65

There are many milestones you have in your life. Turn 16, get a driver’s license. Turn 21, purchase alcohol. Turn 26, rent a car. Turn 55, join AARP. Turning 65, you can retire, right? But what do you do then? Here is a list of 12 things each person turning 65 should know.

1. Learn Medicare. The Medicare website offers some helpful information, but if you still get confused, ask your insurance agent for help.
2. Know when to retire. Just because you turned the magic number of 65, doesn’t mean you are ready to retire. But you should know when you want to. Go over your finances and assets and know where you stand.
3. Learn the term “Medigap”. This is the supplemental insurance policy that private companies sell to fil the gaps of what Medicare will and won’t cover.
4. Get a long-term care policy. A long-term care insurance policy will help pay for any assisted living care you may need in the future.
5. Plan your age to take full social security benefits. Age 66 is when you can claim full retirement benefits without penalty.
6. Make sure your legal documents are in order. Get your wishes in order regarding healthcare, ongoing finances and estate planning.
7. Know if your will is current. Writing a will ensures that your final wishes are met and your assets are protected. A power of attorney is helpful for finances and living will.
8. Make HAS changes. On the first day of the month you turn 65 and enroll in Medicare, you lose your eligibility to contribute to an HAS account.
9. Understand the catch-up contributions. If you are over the age of 50, you can contribute an extra $1,000 to IRA’s and an extra $6,000 to 401(k)s.
10. Know your health. Get a complete physical by your doctor and make sure you are all caught up on routine screenings and exams.
11. Know what you want your end of life wishes to be. Then talk to your loved ones. This will save them a lot of heartache down the road.
12. Ask for the perks. Get the senior discount. Enjoy the cheaper restaurant prices, better seating, travel deals, etc….If you aren’t sure, just ask for what you want!

Now that you are 65 you need to dust off that bucket list, enjoy life, go see the family and start having fun!

To find out more about turning 65 and to find the best plan that will work for you and your expectations for your healthy lifestyle. Call Advanced Insurance Concepts today and Jim Rooney will work with you to find the best insurance policy.