Wednesday, October 20, 2021

Things to Do When You Turn 65

Turning 65 doesn’t have to feel like a choreOn the contrary, many people who retire at this age find it’s an opportune time to let loose, enjoy themselves, and start new plans for the twilight years of their life. Not only does turning 65 come with several financial and legal perks, but it can also be a great time to rediscover yourself and what you love. Below are a few things to do when you reach this special milestone.

Look into Medicare

Did you know that turning 65 makes you eligible for Medicare Parts A and B? In addition, you also have the option of enrolling in Medicare Part C (also known as Medicare Advantage), which covers vision and dental. This can be a real lifesaver for those who were previously receiving health insurance through their employer. 

However, it’s worth noting that Medicare doesn’t cover the cost of all your medical expenses, such as prescription medications. Therefore, it’s worth looking into supplement plans such as the Medicare D Prescription Drug Plan and/or Medigap, offered by private insurance companies and helps fill the financial gaps of a regular Medicare plan.

Attend to Legal Matters

When you turn 65, it’s also an important time to get your legal and financial affairs in order. If you’re an organized person, you may have already done this; but if you haven’t, make sure you set up and/or review your will, any powers of attorney, as well as for instructions for long-term medical care. The benefit of having this set up ahead of time is that you can rest assured that your needs will be taken care of in the way that you want. It also eases the burden on your loved ones in the event of long-term illness or death.

Investigate Assisted-Living Options

While you may not want to think about giving up your independence, it’s nonetheless important to investigate assisted-living options. You never know what could happen in terms of illness or disability, and it’s best to find someplace you like and will be comfortable in. Otherwise, you run the risk of having the choice made for you, and you could end up in a facility that doesn’t meet your needs or preferences. There are many excellent assisted living facilities, such as, that provide private, comfortable accommodation and tailored levels of care.

Research Your Perks

Turning 65 also means that you’re eligible for a number of perks. For example, there are travel discounts available for people aged 65 and above. This could be great news if you’vehad your eye on an exotic or tropical holiday abroad! If you haven’t looked into it yet, check with your airlines and travel providers for what deals they offer for people 65 and over.

Another perk for people of this age group is a property tax break. If you own your own home, you may be entitled to deductions once you hit 65. These vary by state and municipality, so be sure to check into it as the discounts can certainly add up.

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