The 65th year has always been considered a milestone year, and it’s for a number of reasons. Until recently, it was regarded as the standard retirement age. While it is not always the case now, it still signifies that you’re much closer to your retirement year, and can now begin to get access to your senior age benefits.
It also means that you’re a lot older than you’ve ever been, and should begin to plan for the rest of your years if you haven’t already. There are a number of things to consider as you turn 65. From health insurance to retirement and life-long bucket lists, 65 is the age you should stop and review your life.
So, if you’re turning 65 years old this year or any time soon, here are some important things you have to put into consideration and plan for.
1. Make retirement plans
Do you plan on retiring or do you still feel the need to continue to work for some more years? Now’s the time to answer that question. To decide this, a thorough look at your financial standings can help you figure out where you stand. If you’re truly ready to retire and have the necessary financial backup, you can take the leap. However, if your finances aren’t as grounded as you’ll prefer and you’re still in shape to continue to work, then you should.
You want your retirement years to be as comfortable as possible, and it starts with financial stability.
To secure a comfortable retirement, it’s also important to explore retirement living options that align with your lifestyle and preferences. Consider researching reputable retirement villages like Summerset retirement village, which offer a range of accommodation choices, supportive services, and a vibrant community. Making an informed decision about your retirement living arrangements can contribute to a fulfilling and enjoyable retirement experience that meets your needs and promotes overall well-being.
2. Make Social Security plans
At age 65, you should begin to plan your approach to Social Security. There are several ways to do so. As a rule, you only get your full retirement benefits without penalties when you reach the full retirement age of 66. However, you can begin to claim reduced benefits as soon as you turn 62, and it’ll stay that way for as long as you live.
However, looking into your Social Security plan will help you decide which approach will work best for you. If you can still work for a couple of years and have reliable savings, then you can hold on to your Social Security benefits and get higher payments later. However, if you have a more unique situation, you can consider the reduced benefits.
3. Consider long-term care insurance
Nobody ever wishes to be in need of day-to-day assistance. However, as we get older, it becomes our reality. Getting a private long-term care insurance policy beforehand can help to cut down on the expenses of paying for the living care needs when you need them.
Age 65 is the age to put these plans into place if you intend to take on this policy in the future.
4. Put legal paperwork in order
Another area that’s easily negligible is the need to put your legal paperwork in order. Turning 65 definitely doesn’t mean that you’ll die anytime soon, however, when you turn 65 you should put all your plans regarding health, estate, and finances into writing.
5. Learn about Medicare
One major landmark of age 65 is that you become eligible for the Original Medicare Part A and Part B that the government has made available to assist you with your medical needs. You also have the choice of subscribing to Medicare Part C or Medicare Part D to cover your drug prescription needs.
There are a number of options that Medicare opens up to you, and that’s why it’s important to make adequate research and consult the right companies to put you through the process. While learning about Medicare can be a lot of information to take in, many online tools like Hellahealth can take you through the process seamlessly. Contact them about the questions you have and let them put you on the most appropriate plan.
6. Dust off your wish lists
Sooner or later, you’ll realize that you don’t have as much time on your hands to do all you’ve always wished to do. However, the beauty of the age of 65 is that it still gives you an opportunity to do the things you’ve always wished to do.
Do you still have one or two things on your bucket list that you still wish to do? Turning 65 may just be your opportunity to follow through with them. Plan to spend the rest of your life doing the things that leave you excited to be alive.
Turning 65 can be exciting, but it also brings a number of responsibilities to you to ensure that you live the rest of your life in as much comfort as you can get. Ensure that you look into the above-mentioned list as you plan for your 65th year.
