5 Things To Do When You Turn 65

Health Line

2 days ago

By age 65, you may wish to take some important medical and financial steps. These involve Medicare, preventive health screenings, Social Security, taxes, and other legal considerations.
Usually, if you're 65 years or older or younger and living with specific disabilities or conditions, you qualify for Medicare.
If you're living with a qualifying disability, you'll be automatically enrolled in Original Medicare. However, if you're eligible because of your age, you'll need to sign up yourself.
In addition, if you haven't already, you may wish to take this time to consider various social security and other legal decisions. Follow this guide for five things to do about Medicare, Social Security, and more when you reach 65.
1. Understand and enroll in Medicare
To know which part or plan to enroll in, you'll need to understand the various benefits and costs. Generally, your Medicare enrollment options are:
Original Medicare (parts A and B)
Medicare Advantage (Part C)
stand-alone Medicare Part D
Medigap
Both Healthline and this guide from the Centers for Medicare & Medicaid Services (CMS) go into detail about the benefits of each part of Medicare.
In most cases, you won't pay a premium for Part A, but you must meet a deductible. Part B does have a premium and covers 80% of eligible expenses after you meet the deductible.
Note that Original Medicare costs will change in 2026. Medigap can help you with your remaining out-of-pocket costs, but this requires paying an additional premium, and you can't use the plan with Part C.
Private insurers manage Parts C and D, which means their costs vary by plan. Your out-of-pocket drug costs also depend on the specific plan's formulary.
To cut your costs further, consider looking into whether you might be dually eligible for Medicaid or if you're eligible for Medicare Savings Program (MSP) or Extra Help.
After enrollment, be aware that Medicare Part B covers a one‐time ' Welcome to Medicare ' preventive visit if you schedule it within 12 months of enrolling. You're also eligible for an annual wellness visit every 12 months.
It's a good idea to take advantage of both of these visits and schedule any other preventive tests your doctor recommends.
Long-term care insurance
Long-term care insurance can help you manage your daily routines if you can no longer do so yourself at home, in a nursing home, or in an assisted living facility. But Medicare usually doesn't cover this.
If you need this now or think you or a spouse may need this in the future, you may consult with a broker, look into State Partnership Programs, or check out your employer benefits if you're still working.
2. Set up a healthcare proxy
If you haven't already, you might want to consider setting up a healthcare proxy. This will allow someone you trust to make medical decisions for you if you're ever unable to do so yourself.
In addition, you can fill out a form to give the person access to your Medicare records and allow them to speak with providers on your behalf.
Both of these can be really important if you have significant health issues that might affect your ability to make decisions or you're concerned that you might in the future. If you're married, it's a good idea to designate one another as proxies.
Alternatively, or in addition, it may be a good idea to create or refresh your estate plan or issue a power of attorney to someone on your behalf. Depending on your goals, these legal moves could also replace designating a healthcare proxy while allowing the person you choose to manage your financial affairs.
To decide on the best path for you, you may wish to consult with an attorney.
3. Make your home safer
As you age, your physical needs may increase, and mobility around your home can become more challenging. You may prefer to stay in your home for as long as possible, but you may also have concerns about your safety.
That said, there are things you can do to help make your home safer and protect yourself from injury in your home. These include:
Adding grab bars or handrails on stairs, in bathrooms and showers, or anywhere you might need more support.
Making sure your lighting is good and up to date in every room.
Putting nonslip strips on stairs or fitting carpet on other slippery surfaces.
Durable Medicare Equipment (DME)
If you need it, you may be able to get mobility devices like walkers, wheelchairs, or scooters for use at home through Medicare Part B.
3. Understand retirement benefits
You can begin receiving Social Security benefits as early as age 62, although you'll only get the full benefits once you reach the designated full retirement age. You can check when you're eligible for full benefits on SSA.gov.
Note that if you wait to get full benefits past full eligibility, your payments could increase by up to 8%. In addition, if you've been married for at least 10 years, you might be eligible for spousal benefits, which can also boost your payments.
That said, depending on your situation, you may need your retirement benefits sooner. That's why it's important to know when you're eligible and how much you'll be able to get.
4. Review retirement savings
Whether you're retiring this year or not, it's wise to review your retirement accounts to ensure your portfolio aligns with your retirement objectives.
If you're currently still working and your employer provides a retirement savings option like a 401(k), make sure you're making the maximum possible contributions. Additionally, you can invest up to $7,000 annually into an Individual Retirement Account (IRA).
Each of these retirement account types has its own benefits and drawbacks, and you might have one or both. There are also different rules on when and how you can withdraw money from these accounts.
For this reason, consulting a financial advisor can be beneficial to ensure you're managing these correctly and contributing the right amounts.
5. Check your taxes
Filing tax returns can be complex. When you're working on your tax return, it's important to pay extra attention to avoid losing out on deductions that you're owed due to errors.
Be especially aware that once you turn 65 years old, you can get a larger deduction on your federal tax returns. If you or your spouse has a visual impairment, you may qualify for a bigger standard deduction.
In addition, you might be able to get additional state deductions based on the specific rules in your state. If you need to, consider speaking with a tax consultant to make sure you're filing your taxes correctly and getting the right deductions.
Takeaway
Generally, people who are 65 years or older, as well as younger individuals with certain disabilities, qualify for Medicare. If you live with an eligible disability, you'll be automatically enrolled in Original Medicare, but if you qualify by age, you need to enroll on your own.
Before you enroll in Medicare, consider the program's structure, the plans that best suit your needs and their associated costs, and the key enrollment periods.
Other things to consider around age 64 are your plans for your future healthcare needs, your Social Security benefits, the status of your retirement benefits, changes in tax exemptions, home safety, essential legal documents, and more.