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photo of birthday candles because you're turning 65

Congratulations!  You are now a Grown-Up.  You're turning 65 and starting to think about what you need to do next.

It doesn’t seem like you are that old, but time is finally catching up with you.   I bet you remember this song:

“When I get older losing my hair, Many years from now.  Will you still be sending me a Valentine  Birthday greetings bottle of wine?  If I'd been out till quarter to three  Would you lock the door,  Will you still need me, will you still feed me, When I'm sixty-four”

If you didn’t think of this Beatles song on your birthday, I bet that one of your friends or family members did and they played it for you!

Now that you are closer to 65 than 64, you know that there are some things that you need to do.  Your life is changing but you still feel like a kid.  You kind of feel like the kid that Paul McCartney was when he wrote that song.

I’ve come up with a few things that you need to do when you are turning 65.  If you think of any that I left off, please post them in the comments section below this post!

1.  Start Exercising when Turning 65!

Now that you are turning 65 it's time to start exercising!  The good news is that you don't have to go to the gym to exercise.  You can take a walk, garden, or hop on a bicycle.  There are plenty of free videos on YouTube that show you how to do yoga, Pilates, or other forms of exercise.

And if you want to go to the gym, many Medicare insurance plans include a free membership to either Silver Sneakers or Silver and Fit!

Of course, always check with your doctor before starting any excercise program.

2.  Get better Sleep when Turning 65

We all need sleep and it seems that as we get older its more difficult to sleep through the night. You can help yourself by putting your electronics in another room.  Don't be tempted to accept a text or phone call while you are supposed to be sleeping.

Now that your are turning 65 its more important than ever to get a good night's rest.

Have a hard time getting to sleep or staying asleep?  There's an app for that!

Relax Melodies
Sleep Cycle

Recolor

Sleep Time

Pillow

Relax & Sleep Well

Digipill

Good Morning Alarm Clock

Pzizz

Noisli1

Myself, I use Brain.fm to go to sleep and stay that way.  My husband and I also updated our mattress and now we sleep much better than we used to.

3. Review your Finances when turning 65

If you aren't retired all ready, chances are that you are at least thinking about it.  Many people haven't saved enough for retirement, so think they have to work for the rest of their lives.  This may be true, or it might not.

Now might be the time to schedule an appointment with a financial adviser, or at least use a robo-adviser.

You can check out organizations such as the Financial Planning Association, and the National Association of Personal Financial Advisors to help you find an adviser that works best for you.

In addition to managing the money that you have saved, some simple changes to your lifestyle may allow you to retire sooner than you think.  This might mean moving across the country where it's less expensive to live.

It might even mean moving to a foreign country where dollars stretch longer.

One place to research this is the magazine called “International Living”.

The Retirement Index is still the most comprehensive and in-depth survey of its kind. It’s the best way we know of to sift through the wealth of opportunity the world offers, bring some order, and help you pinpoint the best destination for you.2 

And according to their 2018 survey, Costa Rica is the best place for Americans to live.

It’s true that Costa Rica isn’t the cheapest country on our Index. But it offers excellent bang for your buck. It’s possible for a retired couple to live very comfortably on $2,500 a month in Costa Rica. On this budget, they might eschew the “fancy” grocery store with imported goods in favor of the feria, where they can fill the fridge for the week for $30. Instead of hitting up the tourist restaurants that charge a premium, they might go to local sodas, restaurants serving up hearty Tico fare. But combine those cost-saving measures with the modest expenditures required on healthcare, rental homes, and utilities (no heating costs, and no cooling costs at least in Arenal and the Central Valley) and you can see how a good life can come at a modest price.3

So don't despair if you having saved enough to retire.  If you are willing to move then you might still be able to retire.  Keep in mind that your Medicare Insurance probably won't work out of the country if you move permanently.

image of someone writing the word "testament" to depict Review your Will or Trust when turning 65.

4.  Review Your Will or Trust when turning 65

I know it's difficult to think of these things, but none of us are going to live forever.  I hear over and over how a spouse or parent left a huge mess when they passed away.  You can help prevent fighting among your loved ones by writing down your wishes.  Wills can be obtained online or at stationery stores for very little money.  And, even going to a professional might not be as expensive as you think.  Ask your friends or business associates for recommendations.

According to California Document Preparers, there are 8 indicators that it's time for an update:

Instead of something that feels like the distant future, retirement is suddenly looming on the horizon.

When you created your Trust, you were a parent; now you’re a grandparent and need to add or change beneficiaries.

When you created your Trust, you worked for a bank; today, you’re a partner in a successful consulting firm.

You’re still married, but the person listed as your spouse is from a previous marriage.

The person that you identify as your emergency contact is now deceased.

Increased assets–you’ve made some significant investments that have not been transferred into your Living Trust.

Your vacation property—real property—hasn’t been transferred into your Trust. A Quitclaim Deed transfers an owner’s interest in real property to his/her Trust.

You’ve moved to a different state—or country!4

Image of a hand holding a cigarette to depict Quit Smoking when Turning 65

5.  Quit Smoking when Turning 65:

We all know that smoking is bad for you, but did you know that it can also make you age faster?  According to a paper written on the subject in 2010, quitting smoking improves skin conditions, and above all skin-aging effects

Now that you are turning 65, it’s time to get real about quitting for the last time. And, now that you will qualify for Medicare, you can also take advantage of up to 8 face to face smoking cessation visits in a 12 month period.  This can help you finally kick that habit.

Image of Cover of Making Medicare Decisions Class to depict Understand your Medicare Options when Turning 65

6. Understand your Medicare Options when Turning 65

Most people in the USA will qualify for Medicare when they are turning 65.  Unlike Social Security, you can’t opt in at an earlier age, unless you’ve been disabled for 2 years.  The rest of us have to wait until our 65th birthday to qualify.

http://Medicare.gov has a whole website devoted to the rules and regulations of Medicare Parts A and B, but what else do you really need to know at this time?  You probably already know that there is a time limit for getting a Medicare Advantage Plan (Part C) or a Medigap Plan (Medicare Supplement Insurance Plan), but how do these two plans differ?  How do they fit in with medications? What about dental, vision, and hearing?  It can be very stressful and confusing because Medicare works differently than individual or group plans that most of us are used to.

There are four parts of Medicare:

These are:

  • Medicare Part A, hospitalization
  • Part B of Medicare, providers (doctors, etc.)
  • Medicare Part C, which replaces Parts A & B (Also Known As Medicare Advantage)
  • Part D of Medicare which covers medications

Medicare Part A:

Part A is generally provided free of cost as long as you’ve paid into the system for about ten years.  The reason it is free is that you already PREPAID the premiums while you were working.

In a nutshell, Medicare Part A will pay for your hospital expenses (after a deductible) and then after a number of days you’ll pay a copay.  And, unlike work or individual plans, you can pay more than one deductible in a calendar year for Part A.

So because of that, most people opt for a Medicare Advantage Plan or a Medigap Plan to help with those costs.

Medicare Part B:

Part B is considered optional because it has a premium.  In 2017 that premium is $134.80 per month for most, but some will pay more because they are high income earners.  And this income doesn’t have to be income from working, it can be income from investments as well.

Part B will cover the people you see, including physicians, therapists, and chiropractors among others. In general, Medicare Part B will cover 80% of these costs and you will pay 20%.

Additionally, there are limitations and some costs that Part B doesn’t cover, and this is another reason why people usually opt for either a Medicare Advantage Plan or a Medigap Plan.

Not signing up f.or Part B when you are first eligible can be expensive.  Be sure to sign up unless you are on a creditable plan at work, and understand that COBRA is NOT creditable.  So if you are still working or about to retire when you turn 65, be sure to sign up for Medicare Part B, or at least do your research.

Medicare Part C:

Also called Medicare Advantage, Part C turns over the responsibility of original Medicare to a third party insurance company.  The insurance company gets a capitated rate for covering you, and you get limits on what your out of pocket expenses will be along with knowing what your copays will be.  Additionally Part C also normally includes a prescription drug plan.

These plans can be very affordable, some of them are even zero premium in my area.  Of course you still have to continue paying your Part B premium.

Some people thing that all the insurance company gets is your Part B premium, but that’s not true.  The insurance companies who participate are getting a monthly capitated rate regardless of whether you use medical services.  In my area it’s over $800 per month for having you on their plan.

Part C is optional but can work well for people who want to limit their liability and don’t mind managed care.

Medicare Part D:

Medicare Part D plans are Drug Plans, and they don’t work the same way as the drug plans that we are all used to.  First of all, until we turn 65 most of us have never heard of the “donut hole” except when talking about a tasty treat.

Part D is not required, but if you don’t sign up for it when you are first eligible, you’ll find a nasty surprise, you’ll have to pay a penalty that amounts to1% the national average drug plan.  And no, it’s not a one time penalty.  It lasts for the rest of your life.

Be sure and check out your options. One way to do it is to learn how to find the cheapest drug plan based on your own medications.  Medicare.gov is a great resource for this.

Medigap Plans:

These plans, also known as Medicare Supplement Insurance Plans, fill in the gap of original Medicare.  Original Medicare has deductibles and co-insurance amounts.  Some items such as excess doctor fees aren’t included in Medicare Parts A or B, but are covered in some Medigap plans.   Medigap plans don’t have networks because they aren’t managed care.  Any doctor in the USA who accepts Medicare Part B must accept ANY Medigap plan that is offered in that state.

Sounds good?  The downside is that these plans will cost you extra every month, on top of your Part B premium,

Be sure and do your research. You can also take our free course on Medicare at http://MedicareQuick.com/course

Let us know if we can help you in any way! We are experts in helping people who are turning 65 get started with Medicare.

  1. The 10 best sleep apps, The 10 best sleep apps, https://www.medicalnewstoday.com/articles/317816.php
  2. Best Places to Retire in 2018 | Annual Global Retirement Index by International Living, The World’s Best Places to Retire in 2018, https://internationalliving.com/the-best-places-to-retire/
  3. Best Places to Retire in 2018 | Annual Global Retirement Index by International Living, The World’s Best Places to Retire in 2018, https://internationalliving.com/the-best-places-to-retire/
  4. 8 Signs That It’s Time to Update Your Living Trust | California Document Preparers, 8 Signs That It’s Time to Update Your Living Trust, https://cadocpreparers.com/blog/8-signs-that-its-time-to-update-your-living-trust/
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