5 Moves You Must Make In Your Sixties


5 Moves You Must Make In Your Sixties

Posted by Infinite Wealth Advisors, LLC
3 years ago | August 8, 2021

Most of us plan to retire somewhere around the age of 65 or so. So once you reach your sixth decade, it’s time to kick retirement planning into high gear. Those last few years give you opportunities to research options and make some final decisions that will impact the rest of your life.

Determine the right time to claim your Social Security benefits. Depending upon when you were born, you will reach “full retirement age” at 66 or 67. At this point you can draw the full schedule amount that the Social Security Administration will calculate based upon your earnings record.

However, you can also retire earlier and claim smaller checks, or retire a bit later and reap larger monthly benefits. As you approach retirement, it’s time to decide exactly when you will file your claim so that you know what to expect from this part of your retirement income.

Learn about Medicare. Most people think you simply sign up for Medicare at 65, and that’s all there is to it. Actually, Medicare is an enormously complex system composed of many different programs. Before your 65th birthday, start consulting with a Medicare specialist who can introduce you to options like Original Medicare, Medicare Advantage, supplemental plans, prescription plans, and more.

And if you or your spouse are still working at 65, you might not be required to enroll just yet. Or, you can enroll and enjoy the benefits of a primary and a backup healthcare plan. These are more issues to discuss with your Medicare insurance specialist.

Consider long term care insurance. Since Medicare actually covers very little of the cost of long term nursing care, the rest of the bill will fall on you. Since premiums increase as you get older, now is the time to lock in a lower premium if you’re interested in this type of insurance.

Look into property tax breaks. Some cities and states offer property tax breaks to homeowners age 65 and up, due to the fact that many live on a fixed income. If you’re eligible for this discount, you’re responsible for claiming it.

Research discounts. At 60 to 65, many retailers, restaurants, airlines, hotels, and more begin to offer senior discounts. Make sure to look for these discounts everywhere you go, because the savings do make a difference.

And since retirement is looming just around the corner, make sure we’ve scheduled a consultation before you set a date. Give us a call. We’ll discuss your concerns and plans, and help you to strategize for an enjoyable retirement.

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