12 Things You Must Do as Soon as You Turn 65

1. Familiarize yourself with Medicare (and don’t be afraid to ask for help).
2. Decide if you’ll retire or keep working.
3. Learn the term ‘Medigap’
4. Consider getting a long-term care insurance policy.
5. Plan your social security benefits claim.
6. Get your legal documents in order.

What does it mean to be 65 years old?

Senior citizen: Variably defined as an elderly or retired person, this term generally refers to someone who is at least 60 or 65 years of age. Some people consider “senior citizen” to be a patronizing term.

Is there a penalty for not taking Medicare at 65?

Medicare eligibility starts at age 65. Specifically, if you fail to sign up for Medicare on time, you’ll risk a 10 percent surcharge on your Medicare Part B premiums for each year-long period you go without coverage upon being eligible.

What happens to your pension if you delay it after age 65?

The longer you delay receiving it, the more money you will receive. Your monthly pension payment will be increased by 0.6 percent for every month you delay receiving it after age 65, up to a maximum of 36 percent at age 70. If you choose to delay receiving your OAS pension after age 65:

How long can I delay my old age security payment?

You can delay payment of the Old Age Security pension for up to 60 months (5 years) after you are 65. The longer you delay, the larger your pension payment will be each month. After age 70, there is no advantage in delaying your first payment.

How does Medicare work if your spouse is 62?

How Medicare works if your age 62 spouse is still working and you’re on Medicare 1 Suppose you reach age 65 and qualify for Medicare, but you haven’t worked long enough to qualify for premium-free… 2 And suppose your younger spouse has worked at least 10 years while paying Medicare taxes. When your spouse turns 62,… More …