Solutions 4 Financial Independence: 07/19/18

Published: Jul. 19, 2018 at 3:35 AM EDT
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Question: I am getting ready to turn 65! Are there any specific things I should do to prepare financially?

Answer (John Halterman, Beacon Wealth Management): “I am excited for you because 65 is a huge, huge milestone. No doubt about it, it should be celebrated, but also you have to do some homework right now.”

Question: Do you have a quick list of things he should be doing?

Answer (John Halterman, Beacon Wealth Management): “First thing you have to think about is this is your chance to now qualify for Medicare. You are going to be getting on the government’s health insurance plan so you need to get familiar with that and see how it works.

Second thing you have to think about is a Social Security strategy. At 65 you are eligible, but you’re not fully eligible because you’re not at 66 yet. But you could take Social Security without any worries and you have to decide should I take it now, should I wait until 70? What are the benefits to my family?

Another thing you have to be thinking about is a retirement income strategy. If you plan to retire, what are you going to use as your source of income? Where is that money going to come from?

Another thing is at 65 unfortunately a lot of people will be spending time in a nursing home to some degree. So what you have to be thinking about is what your long-term care strategy plan is. That is a big, big deal.

Then of course as we age if you don’t have your estate affairs in order, which you have to be thinking about as you get older, you have to think I may be going into my nonworking years, are all of my affairs in order? Where whoever I want pass these to, they are going to get there in the exact ways I want.

That is a quick 5 list where I think if you do those, you’ll be ahead of the game.”