I Just Turned 60. What’s Next?

I just turned 60 and now all those commercials for seniors are speaking to me, but what’s next?

I know that I can start taking Social Security at 62, but is that a wise choice?

I can keep working and I love my job. When should I retire?

Am I covered by my employer health care if I keep working after 65?

Have I saved enough money for retirement?

What if I need to use a Long-Term Care facility? How much does it cost and how will I pay for it?

I don’t know anything about Medicare. What do all these Parts and Plans mean? Which one is right for me?

Do any of these questions sound familiar? Do any these questions, left unanswered, keep you up at night? How do you get them answered?

First, find an advisor you trust. Avoid an advisor who is simply looking at the bottom line, and choose one who truly hears your questions, offers advice, and makes a plan for your specific situation. Find an advisor who understands that money is emotional, that you worked hard and made sacrifices for your savings, for your home, for education, and most importantly, for your family. You want someone who is just a phone call away to answer tough questions and quell fears. You deserve an advisor who values your dreams and offers honest counsel on your retirement journey.

Regarding Medicare, it is a complicated federal health insurance program that can be difficult to understand. High schools and colleges don’t typically offer classes to explain how it works. Even if you earned a degree in finance or in risk management, you probably didn’t have a course in Medicare/Medicaid benefits. Our government has arranged for every American to have his or her healthcare needs met through this system. You need to meet with a Medicare Navigator who will show you all the parts of the equation, help you understand the system, and explain how it works, so you can make the best selection for your care. This discussion needs to begin at age 60 or 61. Your Medicare Navigator will gather all your health history, income, and learn your future plans to help you determine when you should enroll in Medicare without penalty!

Time for a little history lesson on Medicare. Discussion of a national health care system stems back to Teddy Roosevelt in 1912. In 1945, President Truman attempted to establish a national health care fund, but he was unsuccessful. Twenty years later, President Johnson signed into effect Medicare hospital and medical insurance benefits. Medicare and Medicaid legislation began in 1965, under President Johnson, to address the widespread problem that seniors and poor persons were experiencing in paying for health care. Medicare is a national health insurance program in the United States, begun in 1966 under the Social Security Administration (SSA) and now administered by the Centers for Medicare and Medicaid Services (CMS). It primarily provides health insurance for Americans aged 65 and older, and for those with chronic conditions.

That is how we receive our benefit, if we worked and paid into FICA, earning us enough credits to receive Medicare Part A for free and to enroll in Part B.

It’s not as scary when you understand how it works. We are here to help you navigate the system. You only have one life, so live the best life possible.

WealthCare’s mission is to help you, ‘Live Your Vision. Invest with Purpose.’ And it is my goal to, “Help Others Look Forward to Their Future with Eager Expectation, Not Fear, Because They Have Planned Well!”