Your Essential Checklist: What Needs to Be Done When Turning 65?

Over 10,000 Americans turn 65 every day, a milestone that unlocks major life changes. Knowing what needs to be done when turning 65 ensures a smooth transition into this new chapter, covering healthcare, finances, and long-term planning.

Quick Summary

Turning 65 involves several critical tasks, primarily enrolling in Medicare during your Initial Enrollment Period. You must also decide on Social Security benefits, evaluate retirement accounts, and update legal documents.

Key Points

• Medicare Enrollment is Priority #1: Your 7-month Initial Enrollment Period around your 65th birthday is a critical deadline to avoid lifelong penalties.

• Social Security Strategy: Decide whether to claim Social Security at 65, wait until your Full Retirement Age for a higher benefit, or delay until 70 for the maximum payout.

• Healthcare Plan Comparison: You must choose between Original Medicare (Parts A & B) plus a Part D plan, or a bundled Medicare Advantage (Part C) plan from a private insurer.

• Financial Review: Assess your retirement savings (401k, IRA) and begin planning for future Required Minimum Distributions (RMDs) to manage tax liability.

• Preventive Health Visit: Schedule your "Welcome to Medicare" visit within your first 12 months on Part B to establish a health baseline.

• Update Legal Documents: Review and update your will, power of attorney, and healthcare directive to ensure they reflect your current wishes.

Turning 65 is a significant milestone that brings about important decisions and deadlines, primarily related to healthcare and financial planning. Navigating this transition requires careful preparation to ensure you maximize your benefits and set yourself up for a secure and healthy future. This comprehensive guide breaks down the essential tasks.

The First Priority: Navigating Medicare Enrollment

Your 65th birthday marks the beginning of your eligibility for Medicare. Missing your enrollment window can lead to lifelong penalties, so this is your most critical task.

Understanding Your Initial Enrollment Period (IEP)

Your IEP is a 7-month window unique to you. It starts 3 months before the month you turn 65, includes your birthday month, and ends 3 months after. For example, if your birthday is in June, your IEP runs from March 1 to September 30.

Key Actions:

1. Mark your calendar: Determine your exact IEP dates.
2. Research your options: Decide between Original Medicare (Part A and Part B) and a Medicare Advantage Plan (Part C).
3. Consider drug coverage: Choose a standalone Prescription Drug Plan (Part D) if you opt for Original Medicare.
4. Enroll on time: Use the Social Security Administration website to enroll. If you are already receiving Social Security benefits, you will likely be enrolled in Part A and Part B automatically.

Comparing Your Core Medicare Options

Choosing the right Medicare path depends on your health needs, budget, and lifestyle. Here’s how the main options stack up:

Feature	Original Medicare (Part A & B)	Medicare Advantage (Part C)
Provider Network	Accepted by most doctors & hospitals nationwide.	Must use doctors within the plan's network (HMO/PPO).
Core Coverage	Covers hospital stays (Part A) and medical services (Part B).	Bundles Part A, B, and usually Part D.
Extra Benefits	Does not include dental, vision, or hearing.	Often includes dental, vision, hearing, and gym memberships.
Costs	Standard monthly premium for Part B, plus deductibles and 20% coinsurance.	Low or $0 monthly premium, but has copays, coinsurance, and an out-of-pocket max.
Prescription Drugs	Requires a separate Part D plan.	Usually included.

Financial Decisions: Social Security & Retirement Accounts

While you can claim Social Security as early as 62, turning 65 is a key moment to evaluate your strategy. Your Full Retirement Age (FRA) depends on your birth year, and waiting until your FRA or even age 70 can significantly increase your monthly benefit.

To Claim or Not to Claim Social Security

• Claiming at 65: If your FRA is 67, claiming at 65 results in a permanently reduced benefit.
• Waiting until Full Retirement Age (FRA): You receive 100% of your earned benefit.
• Delaying until Age 70: You earn delayed retirement credits, increasing your benefit to the maximum possible amount.

Managing Retirement Savings

• Review Your 401(k) and IRA: Assess your portfolio's risk tolerance. As you approach retirement, you may want to shift towards more conservative investments.
• Plan for Required Minimum Distributions (RMDs): While RMDs don't start at 65 (the age has shifted to 73 or 75 depending on your birth year), it's a good time to create a withdrawal strategy to manage your tax burden in the future.

Health & Wellness Planning

Your 65th birthday is an excellent trigger for a comprehensive health review. Medicare covers a one-time "Welcome to Medicare" preventive visit within the first 12 months of having Part B.

Key Health Actions:

• Schedule your "Welcome to Medicare" visit: This isn't a full physical but establishes a baseline with your new healthcare coverage.
• Compile medical records: Gather your medical history, including past surgeries, conditions, and a full list of medications.
• Create a preventive care schedule: Plan for regular screenings, such as mammograms, colonoscopies, and vaccinations (like the shingles and high-dose flu shot).

Legal and Estate Planning Updates

Life circumstances change, and turning 65 is an ideal time to ensure your legal documents reflect your current wishes. This protects you and your loved ones.

Essential Documents to Review:

• Will or Living Trust: Is it up to date? Does it accurately reflect your asset distribution wishes?
• Durable Power of Attorney for Finances: Designate someone you trust to manage your financial affairs if you become unable to do so.
• Advance Healthcare Directive (Living Will): Outline your wishes for medical treatment and end-of-life care.
• Beneficiary Designations: Check the beneficiaries on your life insurance policies, retirement accounts, and bank accounts. These designations often supersede what is written in a will.

Conclusion: A Proactive Approach to a New Chapter

Turning 65 is less of a finish line and more of a starting block for a new phase of life. By proactively addressing Medicare enrollment, financial strategies, health check-ins, and legal documents, you can navigate this transition with confidence. Don't let deadlines pass you by. Use this checklist to take control and ensure your 65th year and beyond are secure, healthy, and fulfilling.

Frequently Asked Questions

What happens if I miss my Medicare Initial Enrollment Period?

If you miss your 7-month Initial Enrollment Period, you may have to wait until the General Enrollment Period (January 1 - March 31) to sign up. More importantly, you could face a life-long late enrollment penalty on your Part B premiums.

Can I have Medicare and private insurance at the same time?

Yes. If you are still working at 65 and have health coverage through your employer, you can often delay enrolling in Medicare Part B without penalty. Your employer's plan would be your primary insurance, and Medicare would be secondary.

What is the difference between Medicare and Medicaid?

Medicare is a federal health insurance program primarily for people aged 65 or older, regardless of income. Medicaid is a joint federal and state program that provides healthcare for low-income individuals and families.

Do I have to take Social Security when I turn 65?

No, you are not required to. Your Full Retirement Age (FRA) is likely 66 or 67. You can choose to start benefits at 65 for a reduced amount, wait until your FRA, or delay until age 70 to receive the maximum possible monthly benefit.

What is a Medigap plan?

A Medigap (Medicare Supplement Insurance) plan is sold by private companies and helps pay for some of the out-of-pocket costs that Original Medicare doesn't cover, like deductibles, copayments, and coinsurance.

Is Medicare Part A free?

For most people, Medicare Part A (Hospital Insurance) is premium-free. You qualify for premium-free Part A if you or your spouse worked and paid Medicare taxes for at least 10 years (or 40 quarters).

Should I update my will when I turn 65?

Yes, turning 65 is an excellent time to review and update your will, as well as other important estate planning documents like your power of attorney and advance healthcare directive, to ensure they reflect your current life situation and wishes.