Turning 65: the money checklist.

Understand the Part B late penalty before delaying

Enroll late without qualifying coverage and the premium rises 10% for each full 12-month period you waited, and the increase is permanent, not a one-time fee.

Check whether work coverage lets you wait

Coverage from an employer with 20 or more employees generally lets you delay Part B without penalty. COBRA and retiree plans usually don't count. Verify before assuming.

Pick Medigap or Medicare Advantage deliberately

The six months after Part B starts is the guaranteed-issue window for Medigap; apply later and insurers in most states can underwrite or decline you. The choice is harder to reverse than it looks.

Decide Social Security timing on math, not habit

Benefits can start anywhere from 62 to 70, and each year of delay past full retirement age adds roughly 8% for life. Health, spousal benefits, and other income all belong in the calculation.

Stop HSA contributions before Medicare begins

Medicare enrollment ends HSA eligibility, and Part A can apply retroactively up to six months. Contributions made after eligibility ends create tax problems worth avoiding.

Put required minimum distributions on the calendar

RMDs from traditional retirement accounts currently begin at age 73, and missing one carries a steep penalty. Knowing the number early helps plan the tax brackets in between.

Re-run the retirement budget with real premiums

Part B, Part D, and Medigap premiums are real line items, and Medicare doesn't cover most dental, vision, or long-term care. The budget should reflect what's actually covered.