Life Events

Participant or Spouse Turning 65

With regard to aging, resistance may or may not be futile. In either case, it makes sense to attend to the various matters which are implied by the aging process at this stage of life.

Plan Checklist

  • Your health benefits may change if you are retired due to the addition of Medicare coverage. You must be sure to enroll in advance for Medicare Part B PRIOR TO YOUR 65th BIRTHDAY; click here to read about how enrollment affects your benefits. In addition you should review the coordination of benefits rules.
  • If you have not already begun drawing retirement benefits, you may do so at age 65, even if you continue to work. This is because age 65 is the Plan's "Normal Retirement Age". Click here to learn more.

Planning Issues

Most people who go through the process of planning for end-of-life issues find the experience valuable. We know that lifespans are continuing to increase, but regardless of your present state of health, the beginning of the later stages of life is the time to make plans for what you know to be inevitable. In addition to the list of standard items below, you may wish to look into prearranging (and even prepaying) for your funeral. This will be one less burden for your survivors to deal with. Another important chore is to make sure that all of your vital documents are organized intelligibly, with lists of their locations. Here is a link to a documents organizer to get you started.

Long-term care can become a significant issue in the later stages of life. You should determine whether obtaining insurance for this contingency is appropriate for you. Don't delay in the hopes that prices will come down -- the cost of this insurance only goes up as you age. The US Government has more information on this subject - click here for a free downloadable pamphlet.

Please review the following list and consult the appropriate professionals to help you complete your planning as appropriate for your own circumstances.

  • Will
  • Living Trust
  • Estate Plan
  • Durable Power of Attorney
  • Power of Attorney for Health Care
  • Designation of Beneficiary in your IRAs, 401k, Life Insurance, and any other programs
  • Adequacy of Life Insurance
  • Adequacy of Long-term Care Insurance

Also Consider...

External Links

  • Social Security

    The Social Security homepage offers education on how your retirement benefits are figured, how social security may change in the future, how it's financed, and other basic facts and figures. Check this site on how to apply for your benefits, how to appeal these benefits, and everything else regarding social security.

  • Nolo Retirement

    Information on retirement plans, benefits, estate planning, and long-term healthcare. There is also a section on the personal concerns of retirement.