Turning 65 is more than a birthday—it’s a key milestone in your financial journey. Whether you’re preparing to retire now or simply laying the groundwork for a smoother transition, taking the proper steps can bring clarity and confidence to your future.
At IM Wealth Partners, we believe a successful retirement plan is built on strategy, humility, and proactive guidance—not hype. Here’s an 8-step checklist to help you move forward with purpose.
1. Maximize Catch-Up Contributions
If you’re 50 or older, you’re eligible to contribute more to your retirement accounts. In 2024, you can contribute up to $30,500 to a 401(k) and $8,000 to an IRA. These “catch-up” contributions can significantly boost your retirement savings in the final stretch of your career.
2. Review Your Social Security Strategy
Choosing when to claim Social Security is a big decision. Delaying benefits past your full retirement age can result in a higher monthly payout. Now is the time to:
- Confirm your full retirement age at SSA.gov
- Check your earnings record for accuracy
- Evaluate the long-term impact of claiming early vs. later
3. Build a Retirement Income Plan
Knowing how much income you’ll need—and where it will come from—is essential. Separate your expenses into needs and wants, then match them with income sources like Social Security, pensions, dividends, and retirement savings. A withdrawal strategy can help ensure your savings last throughout retirement.
4. Explore Additional Income Options
If your projected income doesn’t fully cover your needs, consider supplemental strategies:
- Consulting or part-time work
- Dividend-paying investments
- Rental income
- Creating structured withdrawal plans with an advisor
5. Enroll in Medicare on Time
You have a 7-month window to enroll in Medicare, starting 3 months before your 65th birthday. Enrolling late can result in lifelong penalties. Be sure to:
- Sign up for Medicare Part A and B
- Compare Medicare Advantage vs. Medigap plans
- Consider adding prescription drug coverage (Part D)
6. Prepare for Long-Term Care Needs
Approximately 70% of people over the age of 65 will require some form of long-term care (HHS.gov). Review options with your advisor:
- Long-term care insurance
- Using Health Savings Accounts (HSAs)
- Designating a portion of savings for future care costs
7. Update Legal & Estate Documents
Ensure your healthcare and financial wishes are documented. Review and update:
- Your will and trust(s)
- Power of attorney (financial and medical)
- Healthcare proxy and living will
- Beneficiary designations on retirement and insurance accounts
8. Align Your Investments with Your Estate Plan
Now is the time to make sure your investment strategy supports both your retirement income needs and your legacy goals. This includes:
- Adjusting asset allocation for reduced risk and income generation
- Reviewing tax-efficient withdrawal strategies
- Coordinating with your estate plan to ensure assets are transferred according to your wishes
Working with an advisor helps you maintain a balanced portfolio that supports long-term stability while honoring your legacy values.
Start Your Next Chapter with Confidence
At IM Wealth Partners, we help pre-retirees and retirees approach 65 with clarity and a long-term mindset. Retirement should reflect your goals, your values, and your plans—not just your age.
Let’s build your personalized plan together. From investments to healthcare to legacy planning—we’re here to guide every step.
Sources:
- Merrill – Preparing for Retirement Checklist
- Merrill – Turning 65 Checklist (PDF)
- Federal Reserve – Economic Well-Being of U.S. Households, 2024
- SSA.gov – Social Security Benefits
- U.S. Department of Health & Human Services – Long-Term Care