Are You Ready to Turn 65?

So, the big day is coming, and you are turning 65.  You may be planning a special celebration or maybe a long-awaited dream trip.  Whatever your birthday plans include there are some practical things to consider that will impact your future finances and healthcare tremendously.  While some of these decisions can be put off that option may cause penalties and higher costs.  So, let’s get some things off your to-do list and move on to celebrating! Determine your working status-Your first decision is whether you are still going to continue working or retire.  Did you know that continuing to work can affect your retirement benefits?  Now is the time you should talk to your Human Resources or Benefits department to understand your company’s policies.  Gather all this information and follow up by meeting with a financial professional to help guide you with all the aspects of timing your retirement and Social Security payments. Plan your Social Security benefits claim. Full retirement age is dependent on your birth year and is when you can claim your full Social Security retirement benefits. Some people claim reduced benefits as early as age 62, while others wait until after full retirement age (up to age 70) to claim higher benefits. Deciding what works best for you, your dependents, and your survivors takes a little planning. Enroll for Medicare Part A and B-Almost everyone who is 65 and older is eligible for  Medicare Part A (inpatient care) and Medicare Part B (outpatient care).  You can sign up as [Read More...]