Turning 65 Checklist

Details for Turning 65 Checklist

1. Get your finances in order:

Start by taking a look at your budget and seeing where you can make cuts. You might also want to consider downsizing your home or moving to a more affordable area. If you have any outstanding debts, try to pay them off as soon as possible. Finally, make sure you’re taking advantage of all the retirement savings options available to you, such as 401(k) plans and IRAs.

2. Make sure you’re up-to-date on your health screenings:

It’s important to get regular checkups as you age, so make sure you’re up-to-date on all the health screenings recommended for people over 65. This includes getting a mammogram, prostate exam, and colonoscopy if applicable.

3. Arrange for any necessary long-term care:

If you think you might need help taking care of yourself down the road, start arranging for long-term care now. This could include hiring a home health aide or moving into an assisted living facility.

4. Update your will or create one if you don’t have one yet:

If you don’t have a will, now is the time to create one. Your will should specify who will inherit your assets and how your children will be taken care of if they’re still minors. You may also want to appoint a power of attorney who can make decisions on your behalf if you become incapacitated.

5. Figure out how you want to spend your retirement years:

Do some research and figure out what kind of lifestyle you want to lead in retirement. Will you travel? Spend time with family? Start a new hobby? The more planning you do now, the easier it will be to make the transition from working life to retirement later on.

6. Consult with an estate planning lawyer:

Estate planning is something that should be done by everyone, regardless of age. An estate planning lawyer can help you create a plan that covers everything from how your assets will be distributed after death to who will take care of your children if both parents die prematurely.

7. Review your life insurance policy and make changes if necessary:

Your life insurance policy is likely to change as you get older. Make sure you review it and adjust it accordingly – especially if you have dependents who rely on your income stream.

8. Purchase a Medicare supplement insurance policy:

If you’re 65 or older, you’re eligible for Medicare. You may also want to consider purchasing a supplemental insurance policy to help cover any gaps in coverage.

9. Research different types of assisted living facilities:

If you think you might need assistance with activities of daily living down the road, start researching different types of assisted living facilities now. This way, you’ll have a better idea of what’s available and how much it will cost.

10. Find out about veteran benefits and see if you qualify:

If you’re a veteran, there are a number of benefits you may be eligible for, including healthcare, disability, and pension. Check with the Department of Veterans Affairs to see if you qualify for any of these programs.

FAQ for Turning 65 Checklist

1. What are some things I should do when I turn 65?

There are a number of things you should do when you turn 65, including getting updated health screenings, arranging for long-term care, updating your will, and figuring out how you want to spend your retirement years.

2. What are the health screenings that are recommended for people over 65?

Some of the health screenings that are recommended for people over 65 include getting a mammogram, prostate exam, and colonoscopy if applicable.

3. What is long-term care?

Long-term care refers to a type of care that you may need if you can’t take care of yourself independently. This could include hiring a home health aide or moving into an assisted living facility.

4. How do I go about arranging for long-term care?

If you think you might need help taking care of yourself in the future, start making arrangements for long-term care now. This way, you can avoid having to make rash decisions later on. Possible options include hiring a home health aide or moving into an assisted living facility.

5. What is estate planning?

Everyone, at any age, can benefit from estate planning. This includes drafting a will to detail who gets your things when you pass away and making plans for loved ones who may be unable to fend for themselves. You might also want someone you trust to manage your affairs if you become hospitalized or otherwise incapacitated.

6. Do I need a lawyer to do estate planning?

You don’t necessarily need a lawyer to do estate planning, but it can be helpful to have one help you create a plan that covers everything from how your assets will be distributed after death to who will take care of your children if both parents die prematurely.

7. How often should I review my life insurance policy?

You should review your life insurance policy regularly, especially if you have dependents who rely on your income stream.

8. How much does Medicare supplement insurance cost?

Medicare supplement insurance can vary in price depending on the policy, but it typically costs around $100 per month.

9. Can I afford long-term care?

The cost of long-term care can vary depending on the type of care you need and where you live, but it’s generally more affordable than most people think. Assisted living facilities, for example, typically cost between $1,000 and $3,000 per month.

10. What are some veteran benefits I may be eligible for?

If you’re a veteran, you may be eligible for benefits such as healthcare, disability, and pension. Check with the Department of Veterans Affairs to see if you qualify for any of these programs.

In Summary

No one knows when they will turn 65, so it’s important to have a checklist to help guide you through the process. The checklist for turning 65 includes health screenings, arranging for long-term care, updating your will, and figuring out how you want to spend your retirement years. It’s important to do as much as possible before you turn 65 so that you can enjoy your retirement years without any worries.

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ChecklistComplete

Get your finances in order.

Make sure you’re up-to-date on your health screenings.

Arrange for any necessary long-term care.

Update your will or create one if you don’t have one yet.

Figure out how you want to spend your retirement years.

Consult with an estate planning lawyer.

Review your life insurance policy and make changes if necessary.

Purchase a Medicare supplement insurance policy.

Research different types of assisted living facilities.

Find out about veteran benefits and see if you qualify.