Turning 65 is more than a birthday milestone. It’s an opportunity to review important financial and healthcare decisions that can affect your retirement for years to come.
Whether you’re already retired or preparing for the transition, use this checklist to help ensure you’re on track.
☑ Understand Your Medicare Options
Most Americans become eligible for Medicare at age 65, making this one of the most important items on your retirement checklist.
Take time to:
Missing enrollment deadlines could result in delays in coverage or additional costs.
Related: Navigating Medicare Enrollment: What You Need to Know for a Smooth Transition into Retirement
☑ Review Your Healthcare Budget
Healthcare costs can become a larger part of your budget in retirement.
Consider:
☐ Monthly Medicare premiums.
☐ Prescription drug expenses.
☐ Out-of-pocket healthcare costs.
☐ Dental, vision, and hearing care needs.
Planning ahead can help reduce the likelihood of unexpected expenses later.
☑ Revisit Your Social Security Claiming Strategy
If you haven’t started collecting Social Security benefits, age 65 is a good time to evaluate your options.
Ask yourself:
☐ When do I plan to retire?
☐ Will I need Social Security income immediately?
☐ How does Social Security fit into my overall retirement income strategy?
The age at which you claim benefits can affect your monthly payment amount, so it’s worth reviewing your options carefully.
☑ Evaluate Your Retirement Income Plan
Many retirees rely on multiple income sources.
Review:
☐ Social Security benefits.
☐ Retirement accounts such as IRAs and 401(k)s.
☐ Pension income, if applicable.
☐ Personal savings and investments.
Understanding where your retirement income will come from can help you prepare for the transition from earning a paycheck to living on retirement income.
☑ Plan for Potential Long-Term Care Needs
Long-term care is one of the most significant expenses many retirees may face.
Consider:
☐ Whether you’ve discussed your future care preferences with loved ones.
☐ How you would pay for long-term care if needed.
☐ Whether long-term care insurance or other financial resources may fit into your plan.
☐ How caregiving needs could impact family members.
Creating a plan now may help reduce stress and uncertainty later.
☑ Review Your Life Insurance Coverage
Retirement often brings changes to your financial priorities.
As you approach or enter retirement, ask:
☐ Does my current coverage still meet my needs?
☐ Would my loved ones benefit from financial protection if something happened to me?
☐ Do I want coverage that can help pay for final expenses?
☐ Have my financial obligations changed since I purchased my policy?
Reviewing your coverage can help ensure it still aligns with your goals.
☑ Update Beneficiaries
Beneficiary designations often override instructions in a will.
Review the beneficiaries on your:
☐ Life insurance policies.
☐ Retirement accounts.
☐ Pension benefits.
☐ Transfer-on-death or payable-on-death accounts.
Major life events such as marriage, divorce, the birth of grandchildren, or the death of a loved one may warrant updates.
☑ Review Your Estate Plan
Your estate plan should reflect your current wishes.
Consider reviewing:
☐ Your will.
☐ Healthcare directives.
☐ Financial power of attorney documents.
☐Trust documents, if applicable.
If it’s been several years since you’ve updated these documents, now may be a good time to revisit them.
☑ Discuss Your Plans With Family
Important conversations become even more valuable as retirement approaches.
Talk with loved ones about:
☐ Healthcare preferences.
☐ Retirement goals.
☐ Estate planning wishes.
☐ Long-term care considerations.
☐ Important financial documents.
Clear communication can help ensure everyone understands your plans.
☑ Meet With a Financial Professional
Retirement planning isn’t a one-time event.
A financial professional can help you:
☐ Review your retirement income strategy.
☐ Evaluate insurance needs.
☐Identify potential gaps in your plan.
☐ Adjust your strategy as circumstances change.
☑ Check In With Your Retirement Plan
Turning 65 is a major milestone, but it’s also a reminder to take stock of your financial future. Reviewing your healthcare coverage, retirement income, insurance needs, and estate plans can help you feel more confident about the years ahead.
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