Did you know as we get closer to retirement that some age milestones require us to make retirement decisions?  Yes – there are important choices to be made other than what type of cake to have or how to celebrate welcoming another year.

Social Security, Medicare, Continuing Care at Home planning, and more. Read on for more information about these important parts of the perfect recipe for vibrant aging.

 Important Milestone Birthdays for Aging Adults

Planning for retirement can be complex, but understanding key milestones can help you make informed decisions. It is easy to remember our birthday coming up.  And that special day can also serve as a reminder of choices or decisions aging adults will need to make.

Here are some important ages and what you need to know:

Ages for Catch-Up Contributions to Retirement Accounts

Age 50 and Up: You can start making catch-up contributions to your retirement accounts. For 2025, the catch-up contribution limit for 401(k) plans is $7,500 for people ages 50 to 59. And for people ages 60 to 63, the “super catch-up” contribution limit increases to $11,250 for 401(k) plans.

If you’d like to estimate how much you will have saved by retirement age and how much more you may want to save, check out this free retirement calculator from NerdWallet.

Ages for Social Security Benefits

Below are some key milestone birthdays for taking social security benefits. It is worthwhile checking how much your own payments may change per year by using a Social Security benefit calculator as a guide.

Age 62: You can start taking Social Security benefits, but doing so will reduce your monthly payments by about 25% compared to waiting until full retirement age.

Full Retirement Age: For those born before 1960, the full retirement age (when you get your full Social Security benefits) is 66. And age 67 is considered full retirement age for people born in 1960 or later.

Age 70: Delaying Social Security benefits until age 70 can increase your monthly payments. According to Kiplinger, waiting until age 70 may increase your monthly payments by up to 8% per year.

Ages for the Medicare Program

Age 65 or more specifically age 64¾: The Medicare program is complex with a lot of different options. So doing research before you have to make choices is useful. If you are still working, you have different choices than if you have retired.  It is necessary to understand the requirement to enroll during the specified window of time to avoid penalties.

Getting more information and advice from a Medicare specialist can be a real help. Of all the retirement milestones, this is one of the most important ones that everyone should know about.

Ages for the Required Minimum Distributions (RMDs)

Early 70s with different ages for different birth years:  What are Required Minimum Distributions, or RMDs?  They are the minimum amount of money that you commonly must withdraw from most types of retirement accounts (except for Roth IRAs) each year, starting the year you turn a certain age.

The age for RMDs has been gradually increasing from 70½ to 72 then 73. And if you aren’t 74 or older by the end of 2032, the starting age is 75.  As the government has been changing this, it is good to keep on top of which age affects you and how much you are required to withdraw from your retirement accounts. There are tax implications.  Therefore, getting advice from a tax advisor can be useful.

Ages for Continuing Care at Home/Long-Term Care Program Membership

Age 40 and Up to 85: A Continuing Care at Home Program is also known as a Long-Term Care Program. The cost of membership in these programs increases with each and every birthday. Not only can purchasing a policy at younger age be more affordable. But people tend to have more options because less health challenges may have arisen.

Friends Life Care has provided a continuing care at home program for 40 years and served thousands of older adults.  In order to become a member, one has to be between the ages of 40 and 85 and go through an underwriting process. There are many benefits of belonging to this type of program.

Financial Protection: Depending on a member’s plan selection, the program can provide coverage for care costs that Medicare does not cover.  These costs can be extremely expensive.

Peace of Mind: Knowing that you have a plan in place can reduce stress and anxiety about future healthcare needs.

Aging in Place: The goal for many people joining the program is to live independently in their own homes while receiving necessary short- or long-term care. It can be an option to moving to a nursing home or communal living.

Care Coordination, Health, and Wellness: With a focus on prevention, the member is matched to a professional care coordinator. Through regular visits and check-ins, the care coordinator and member partner in the pursuit of holistic health. In addition, the program provides access to educational webinars, community-building member meetings, home accessibility reviews, and wellness coaching.

People who are currently members of Friends Life Care have already taken steps to prepare for successful aging in place. If you are not yet a Friends Life Care member, contact us to learn more before your next birthday arrives.

Enjoy All Your Birthdays

Understanding these milestones can help you plan effectively for a successful retirement. If you have questions or need personalized advice, consulting with professionals such as a financial advisor, tax advisor, Medicare specialist, and/or Friends Life Care plan counselor can be very beneficial.

Mark your calendar. These are important milestone dates and making sure you take care of them is a gift to yourself. Enjoy all your birthdays – now and through the retirement years.

 

 

The eMeetinghouse blog from Friends Life Care features important topics that aging adults need to be aware of. For 40 years, Friends Life Care has been helping members to successfully age in place with peace of mind.  If you are not yet a member, contact us to learn about the benefits of joining.  

Membership is open to people aged 40 – 85, in reasonably good health who are residents of southeastern Pennsylvania or Delaware.