Turning 65: Your Essential 10-Point Checklist for Retirement Success

Turning 65 is a significant milestone, especially regarding retirement planning, healthcare, and finances. Here’s a checklist to help you navigate this important stage:

1. Medicare Enrollment
-Initial Enrollment Period (IEP): You have a 7-month window to enroll in Medicare, starting 3 months before your 65th birthday, including the month of your birthday, and ending 3 months after.

-Medicare Parts. Consult with a professional to understand the details and your best personal options. Here’s some common choices.
o Part A (Hospital Insurance
o Part B (Medical Insurance)
o Part C (Medicare Advantage)
o Part D (Prescription Drug Plan)
o Medigap (Supplemental Insurance Plan to cover out-of-pocket expenses not covered by Medicare.

2. Social Security Benefits
-Determine your full retirement age (FRA): This is when you’re eligible for 100% of your Social Security benefits. For those born between 1943 and 1954, it’s 66 years old.

-Decide when to start taking benefits: You can start as early as 62, but your monthly benefit increases the longer you wait, up to age 70.

3. Review and Update Your Retirement Plan
-401(k) and IRA distributions: Understand the rules for required minimum distributions (RMDs), which start at age 73 for most people.

-Budgeting: Reassess your retirement budget, considering your expected income from Social Security, pensions, investments, and any part-time work.

-Review investments: Adjust your investment strategy if needed to ensure it aligns with your retirement goals.

4. Healthcare Planning
-Long-Term Care Insurance: Consider purchasing long-term care insurance if you haven’t already.

-Health Savings Account (HSA): If you have an HSA, you can continue to use it for qualified medical expenses, but you can no longer contribute once enrolled in Medicare.

5. Legal and Estate Planning
-Update your will: Ensure that your will reflects your current wishes.

-Power of Attorney: Assign someone to make financial or medical decisions if you are unable to do so.

-Living Will: Consider creating a living will to outline your preferences for end-of-life care.

6. Housing Considerations
-Assess your current living situation: Decide if you want to stay in your current home, downsize, or move to a retirement community.

-Home modifications: Consider making your home more accessible to accommodate potential mobility issues as you age.

7. Taxes
-Understand the tax implications: Be aware of how Social Security benefits, withdrawals from retirement accounts, and other income will affect your taxes.

-Meet with a tax advisor: Consider consulting a tax professional to optimize your tax strategy in retirement.

8. Lifestyle Planning
-Stay active and engaged: Plan activities, hobbies, and social engagements to keep your mind and body active.

-Volunteer or part-time work: Consider how you might want to stay involved in the community or earn extra income.

9. Insurance
–Review all insurance policies: This includes health, home, auto, and life insurance. Make sure your coverage meets your current needs.

-Consider life insurance: Assess whether you still need life insurance or if it makes sense to adjust your coverage.

10. Organize Important Documents
-Keep a file of important documents: Include your will, insurance policies, Social Security information, Medicare details, and retirement account information.

-Communicate with family: Make sure a trusted family member knows where these documents are and understands your wishes.

Lots of ground to cover here, plus much more. Turning 65 is a major milestone in your lifetime but does not need to be overwhelming. Our team of professionals at Iowa Retirement Benefits & Solutions will help you navigate through all aspects of your retirement plan.

To get started with a free and confidential strategy discussion simply Click Here to Contact Us. You can also email us directly at info@iowaretirementsolutions.com or by phone at 319-423-3332.

Whenever you need us, we’re here for you!

Investment advisory services are offered through Fusion Capital Management, an SEC registered investment advisor. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.