You’ve reached the golden decade and may feel both excited and uneasy as you prepare for — or adjust to — retirement. Growing and protecting your assets as your career comes to a close is on your mind. You may also be experiencing changes to your health and wondering how to maintain your insurance coverage during this transitional time. Give yourself peace of mind by hitting financial milestones and getting recommended health screenings by age 70.
By age 65, when most people plan to retire, it’s recommended that you have set aside almost eight to 14 times your annual earnings. If you’re short of this amount, you can make up the difference and safeguard your finances. Set your sights on these financial milestones by age 70.
Many retirement plans allow you to make catch-up contributions starting at age 50. These are additional amounts you may contribute each year above the allowable investment. If you didn’t start doing this in your 50s, you still can before retirement.
If you have a SIMPLE 401(k), which is only offered by small businesses with less than 100 employees, you can contribute even higher amounts than other retirement accounts at ages 60-63.
If you’ve lost your spouse or even your ex-spouse, you may be eligible for Social Security Survivor benefits after your 60th birthday. If you qualify, the amount you receive will depend on your spouse’s work history and the age at which you apply. For example, at age 61, you could receive 75% of the survivor benefits, and between 66-67, you could receive up to 100%.
Once you’re eligible to receive your own Social Security benefits, you’ll be paid the amount that’s higher — your retirement benefits or the survivor benefits — but not both combined.
One month after your 62nd birthday is when you become eligible to receive your Social Security benefits and any applicable spousal benefits. But it’s important to know, if you choose to receive benefits that early, you’ll not receive the full amount. For example, instead of receiving a full $1,000 benefit at age 62, the amount would be reduced by as much as 30%. If you’re able to wait until 67 or later, you’ll receive the full benefit amount and possibly delayed retirement credits.
If you retire before 65, you should check if continuing with your employer’s health plan is an option. If not, you’ll have to seek alternative medical insurance since Medicare isn’t yet available to you. Be sure to understand your needs for coverage before choosing a plan, and remember supplemental insurance can help fill any holes in coverage.
If you’re still working and have identified gaps in your insurance plan, supplemental health plans may also help you avoid high out-of-pocket costs that can lead to medical debt. Minimizing or eliminating any form of debt should also be among your top financial goals by age 70.
You become eligible for Medicare coverage on your 65th birthday. Your sign-up period (or initial enrollment period) lasts seven months, beginning three months before you turn 65 and lasting three months after your birthday month. To avoid a penalty, you’ll want to sign up for Medicare during this time.
If you’re retiring and wish to avoid gaps in coverage, you’ll want to sign up at least one month before your birthday. If you’re still working and have coverage under an employer’s group plan, you may want to sign up for Medicare Part A (hospital insurance) only. Then, upon retirement, you may qualify for a special enrollment period when you can sign up for Medicare Part B (medical coverage) with no penalty.
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Both original Medicare and Medicare Advantage plans have gaps in their coverage. The good news is that you can purchase supplemental insurance to fill holes.
Medicare Supplement insurance plans pair with original Medicare to help with out-of-pocket costs, like coinsurance, copayments, and deductibles, and to protect your retirement savings.
While Medicare Supplement insurance is not available for Medicare Advantage plans, Hospital Indemnity and Short-term Care insurance are available to minimize coverage gaps and withdrawals from your retirement savings to cover expenses. You can especially save if you utilize Hospital Indemnity riders and Wellabe’s Short-term Care plan’s Household Improvement benefit and Care Coordination benefits.
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Your retirement is a smart time to review your estate planning documents — or prepare them if you haven’t already — to ensure everything will be handled the way you want. Your estate plan may include your will, your financial power of attorney and health care power of attorney, any trust details, and beneficiary information for retirement accounts and insurance policies. It should also include funeral planning documents and details related to prepayment via Preneed Funeral insurance plans.
In just a few years, at the age of 73, you must make a withdrawal, known as a required minimum distribution (RMD), from your IRA each year. It’s important to understand this now so that you can avoid a hefty penalty fee. You may use the RMD for living expenses or insurance, or you may choose to reinvest it. For guidance, you may want to engage a financial advisor for seniors.
As in previous years, it’s vital that you see your primary care physician annually to monitor existing issues. They’ll also fulfill health screening guidelines by age 70 to help prevent new concerns or suggest lifestyle changes to help you be your healthiest as you settle into life as a retiree.
Keep in mind, this chapter may come with emotional challenges as you adjust to a new norm, especially if you live alone. You may even grieve the loss of your former life. Your doctor may uncover this while screening for anxiety and depression, but if not, it’s important to bring it up to avoid impacts to your physical health while grieving.
Other precautionary measures your doctor will take, among medical tests recommended at age 70 and in the years leading up, include:
You may have an increased risk for serious illness from Respiratory Syncytial Virus (RSV) if you have disease of the heart, liver, kidney, or lungs, among other conditions. If this applies to you and you’re age 60 to 74, the Centers for Disease Control and Prevention (CDC) recommends the RSV vaccine. If you don’t have risk of serious illness, you may wait to get this vaccine when you’re 75, but it’s best to discuss your risk level with your physician.
If you’ve yet to receive — or are unsure if you’ve received — a pneumococcal vaccine, the Centers for Disease Control and Prevention (CDC) now recommend getting one at age 50 or older. It can help protect against your growing risk for pneumonia, meningitis, and blood infections, among other illnesses. Multiple pneumococcal vaccines are available, and your physician can direct you to the best one for you.
Starting at 65, the American Academy of Ophthalmology suggests you get examined for eye diseases every year or two. Your risks include cataracts, diabetic retinopathy, glaucoma, and macular degeneration, and the impacts can be detrimental since vision loss can result in falls and injury.
The same can be said for hearing loss, which is one important reason to check your hearing regularly. There’s a good chance that you’re experiencing some hearing loss since more than 30% of people age 65 do, in addition to 40% of adults age 75 and older.
When you have issues with your vision or hearing, you may begin to experience depression and social isolation, which is another reason to have them checked.
Because colorectal cancer is most commonly diagnosed between the ages of 65 to 74, it’s important to continue to get screening as recommended by your doctor. While other screening options exist, colonoscopies are still believed to be your best choice. The physical exam allows your physician to remove polyps that may be precancerous. The good news is that you may be able to discontinue this 10-year screening after age 75.
This test detects whether you have or are at risk for osteoporosis, a disease of the bone affecting almost 10 million in the United States. The threats can be broken bones from falls or even from such a simple act as sneezing in severe cases. A bone density test is conducted with a DXA scan, which is similar to an X-ray, and recommended for women ages 65 and older. A DXA scan may be appropriate for men ages 70 and up, but it’s important to talk with your doctor to understand your risk.
Women should continue to get mammograms every year or two to screen for breast cancer until your doctor suggests otherwise. You should be able to discontinue your pap tests for cervical cancer screening at age 65, making it a welcome health milestone by age 70.
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Wellabe offers life and supplemental health insurance plans to help you prepare for good days and bad. We’ll always be here to empower you to be well — well prepared, well protected, and well loved.
