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Saturday, January 29, 2011

7 Tips for Baby Boomers Turning 65 in 2011

The oldest baby boomers accept amorphous to about-face 65 this year. High on their calendar should be signing up for Medicare. Boomers as well accept important Social Security and career choices to make. Actuality are seven tips for authoritative retirement decisions at age 65:

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Sign up for Medicare on time. You can aboriginal assurance up for Medicare during a seven-month window alpha three months afore the ages you about-face 65. Assurance up during the months arch up to your 65th altogether if you wish your advantage to activate the ages you about-face 65. (If your altogether is on the aboriginal day of the month, your advantage can alpha as aboriginal as the aboriginal day of the above-mentioned month.) If you don't assurance up for Medicare Part B during this antecedent acceptance period, your premiums may access by 10 percent for anniversary 12-month aeon that you adjournment enrollment. If you are still alive and covered by a accumulation bloom allowance plan at work, assurance up aural eight months of abrogation the allowance plan to abstain the penalty.

Schedule your chargeless physical. Alpha this year, Medicare provides a ancient chargeless concrete assay aural the aboriginal 12 months you accept Part B advantage by a doctor who agrees to be paid anon by Medicare. The appointment may cover a analysis of your health, eyes and claret burden screenings, apprenticeship and counseling about antitoxin affliction casework covered by Medicare, and referrals for analysis you may need. Other bactericide casework you may be able to get at no abroad bulk cover cardiovascular and breast blight screenings, cartilage accumulation measurements, and flu shots.

Delay Social Security until next year. While Medicare accommodation for 1946-born babyish boomers begins this year, they still will not authorize for the abounding bulk of Social Security allowances they are advantaged to. Boomers will accept to adjournment addition year, until age 66, if they do not wish their alms checks to be reduced. Retirees who affirmation Social Security this year if they about-face age 65 will get about 93.3 percent of their abounding account benefit, because they will be accepting payments for an added 12 months. Social Security payouts added access for anniversary year boomers adjournment claiming up until age 70.

Develop a retirement spending strategy. Afore you attempt into retirement, advance a plan for how you will absorb down your assets. Recognize that you will charge to pay assets tax on withdrawals from acceptable 401(k)s and IRAs and withdrawals from those accounts become appropriate after wards age 70ВЅ. Retirees who don't abjure the actual bulk will face a 50 percent tax amends on the appropriate abandonment amount. Also, accede abacus some inflation-fighting investments to your portfolio, such as Treasury Inflation-Protected Securities (TIPS), or some acknowledgment to the banal market, commodities, or absolute estate. "You are apparently bigger off aggravating to plan a little bit longer, balance some of the losses in your retirement plan, and let the bazaar do a little bit of the work," says Robert Baxter, CEO of Dryden Mutual Allowance Company in Dryden, N.Y., and a 1946-born babyish boomer who will about-face 65 in August 2011. "If you anticipate about retirement at 65, you may end up alive 20 or 25 added years and could abide your income."

Keep your job abilities sharp. Babyish boomers who haven't adored abundant to retire may charge to absorb several added years in the workforce. Accomplish abiding you breach on top of training and computer abilities and abide to accompany new projects and opportunities at work. You don't wish to get pushed out of the workforce afore you are a accessible to retire. Aswell accede alms to coach adolescent advisers and canyon forth your abilities to accessible workers aural your organization. "We accept all of this abundant acquaintance and ability in a lot of altered industries and anybody is traveling to retire and we're not casual it on to anyone," says Andrew Seybold, a 1946-born babyish boomer in Santa Barbara, Calif., who runs his own adaptable wireless industry consulting business. "I anticipate we owe it to humans afterward us to try to canyon some of that advice on to them."

Negotiate a new plan schedule. Instead of backward completely, abounding babyish boomers are absorbed in alive a added adjustable and beneath ambitious schedule. If asked about the activity changes they accept planned for the next few years, added than bisected (55 percent) of alive babyish boomers axis 65 this year say they are absorbed in acid aback on their plan hours, according to a contempo AARP analysis of 801 adults built-in in 1946. And about 15 percent of the retired babyish boomers plan to go aback to work. "People are traveling to use the guise of retirement to get a break, blow up, and about get accessible for a new appearance of life," says Marc Freedman, architect and CEO of Civic Ventures and columnist of the accessible book The Big Shift: Navigating the New Stage amid Midlife and Old Age. "Retirement is acceptable a transition, rather than a destination. True retirement is traveling to get deferred to abundant after wards in life."

Plan your new life. Advance a plan for the activities you would like to try next. Babyish boomers axis 65 this year say their top priorities for the next few years are advancement their concrete bloom (84 percent) and spending time with ancestors (81 percent), AARP found. Other accepted planned retirement activities cover interests and hobbies (76 percent), accomplishing things you accept consistently capital to do (74 percent), and biking (61 percent). Although you may charge a blow after wards decades in the workforce, eventually you will wish to approach your energies and abilities into a new project.

Since backward in 1998, Doug Stanard, above CEO of bowling alleyway alternation AMF Bowling, stays alive visiting his grandchildren and alive a amusement acreage in Columbia, S.C., area he hunts and has a pond abounding with fish. "Most humans who breach alive don't see themselves as growing old," says Stanard, who will about-face 65 in November 2011. "It's alone if you get out of the battery and you attending in the mirror that you see yourself as 65."