There are several questions we should ask ourselves before reaching the age of 65 in order to be best prepared. Already you may have begun to ask yourself, when should I retire? How will I retire?So many lingering questions begin to arise as you prepare for your late future many of which can seem overwhelming. Take a deep breath and remember that growing old can present you with new opportunities as well as challenges however, you are not alone. There exist many benefits, laws, and options available to you to help enhance and maintain your senior life. Compiled below are a list of questions and answers you should ask yourself prior to turning 65.
1.Will I need to renew my License?
Many states require individuals to renew their license at age 65 as well as submit to a new vision test upon re-issuance.
2. Can I get a handicap sticker?
Most department of transportations will offer a handicap placard along with instructions on how to obtain one to qualifying individuals.
3.What is Medicare?
Medicare is a federal insurance offering eligible to social security recipients 65 and over. Medicare can help cover the cost of medical expenses and procedures.
4. When can I register for Medicare?
It is best to register for Medicare 3 months prior to your 65th birthday.
5.What is a living will?
A living will states how you would like your assets to be allocated following your death as well as all other end of life decisions.
6.What is social security?
Social security is a government program which offers workers and their families benefits which they can access in case of disability, death, or retirement.
7. What is long term care insurance?
“A financial planning tool used to remove your biggest retirement worry by protecting your assets from the high cost of needing Long Term Care services. It picks up the bills for Home Health Care, Assisted Living, Hospice, Adult Day Care or of course Nursing Homes.”
8. What age should I purchase long term care?
Like any other insurance your best shot at being approved for long term care insurance is prior to when you actually need it. If you already require long term care, are in poor health, or over a certain age you are likely uninsurable. You are likely to receive the best premium when you are in optimal health that is why it is typically recommended you purchase long term care prior to reaching 65 that way you will be covered when care is needed.
Keep in mind that the previous is only a surface level dive into the types of questions you should be asking yourself prior to turning 65. It is recommended you conduct your own and further research into these topics, as they can be incredibly useful to you.
If you or someone you love is interested in learning more about Long Term Care Insurance be sure to visit: LTC TREE for more information.