Navigating Your 65th Year: A Guide to Reverse Mortgages

reverse mortgageIf you are one of the 4.1 million Americans who will turn 65 this year. And, you’ve likely given some thought to what this major milestone means to you. Although age 65 is no longer  the standard “retirement age,” it’s still an important age to remember. This birthday is a time for introspection and planning for the years ahead. It’s the time to consider if reverse mortgages are excellent options.

From financial preparedness to healthcare considerations and lifestyle adjustments, this landmark birthday may also be significant for more personal reasons. Whether you’ve achieved your career goals, successfully raised a family, or fulfilled other aspirations you had set for yourself, your hard work and accomplishments over the past 65 years are deserving of recognition and praise. And now more than ever, this part of life is a time for you to look forward. And, you must plan for the incredible chapter ahead – enjoying the fruits of your labor!

Transitioning into the golden years doesn’t have to be daunting. Instead, it’s the perfect time to explore your hobbies. Also, you can develop closer connections with loved ones. And, continue to utilize the wisdom and creativity you have nurtured throughout your life. It doesn’t matter what your aspirations are for this next chapter. But, what’s important is that you’re set up for success by making sure you have a strong foundation to build upon.

Reverse Mortgages And Other Retirement Options

Now is the perfect time to take stock of your life. And, you must check-in on any areas that can help strengthen your foundation. Here are 7 things to do if you’re turning 65 this year and that includes reverse mortgages in Myrtle Beach

Sign up for Medicare

Medicare is the government healthcare insurance plan specifically for people aged 65 and older. You become eligible for Medicare three months before your 65th birthday – so why not get a jump on enrolling!

Assess your physical health

There are a variety of factors you should consider when evaluating your health. For example, determine whether you’re getting proper sleep, if you regularly find time for exercise, and if your diet is providing you with well-rounded nutrition. Being proactive in all areas of your health can give you the energy. Additionally, it provides you the physical ability to pursue the activities you are interested in as you age. It’s truly never too late for good habits to have a positive impact on your overall health and longevity!

Make sure your affairs are in order

No matter what stage of life you’re in, ensuring your legal documents support your current wishes is always good practice. This can be essential in case of an emergency or sudden changes to your plans. Discussing your wishes with trusted loved ones and estate professionals means that you will have a secure plan in place if needed.

Myrtle BeachTake advantage of senior discounts and tax breaks

The wait is over! It’s time to capitalize on those senior discounts you’ve seen advertised by local businesses and larger corporations alike. Tthe exact age for qualifying as a “senior” may vary by establishment. But by age 65, you should have access to most if not all of the discounts or special shopping hours reserved for age-qualified shoppers.

Nurture your social connections

The share of adults who remain employed by the time they are 65 is increasing. But, many are retired or nearing retirement by this age. More free time may mean you have less built-in structure to see others on a daily basis. However, regardless of your employment status, retaining meaningful connections with those you care about in your life is vital for your overall wellbeing.

Create a list of personal goals and bucket list items

More than ever, people are utilizing their retirement years to capitalize on goals they have set for themselves. Whether this means visiting a dream destination, achieving an important objective, or trying something new, there is no better time to get after your ambitions.

Revisit your retirement timeline

Turning 65 is an optimal time to assess your retirement timeline. Also, make sure your personal goals are supported by your financial state. The minimum retirement age for full Social Security benefits is 66 if you were born from 1943 to 1954, gradually transitioning to 67 for those born between 1955 to 1960, and is 67 for those born after 1960. However, just because you are eligible doesn’t necessarily mean that you should enroll immediately.

To all those celebrating the impressive milestone of 65 years old, we congratulate you! This is a special time for commemorating the journey you’ve been on. And, it’s an important opportunity to look toward the future. While this list is just a starting point for things to do when you turn 65, taking care of these fundamentals is an excellent way to build a solid foundation for your next chapter of life.

If you’re interested in learning more about tapping into your home equity with a reverse mortgage to fund your dreams and goals in the coming years, our team of experts at David Stacy Reverse Mortgage Specialist is ready to help.

Ready to make the most of your golden years? Contact David Stacy Reverse Mortgage Specialist today for more details about reverse mortgages.

David Stacy Reverse Mortgage Specialist
Myrtle Beach, SC 29577
(843) 491-1436

We serve all of Horry County including: North Myrtle BeachCarolina Forest, Socastee, Forestbrook, Conway, Surfside BeachLittle River, Myrtle Beach, Forestbrook