• Key due date to watch: By age 60, you must go to the Social Security Administration site and also assess your declaration, advises Craig Copeland, supervisor of riches advantages research study at EBRI.

Deciding when to claim your Social Security retirement benefits is a pivotal question that many retirees face. It’s crucial to understand the options available and the potential impact on your financial future.

Experts often recommend delaying benefits beyond age 62, the earliest age at which you can claim. By reaching your full retirement age — which is typically between 66 and 67 — you can secure 100% of the benefits you’ve earned. Furthermore, for each year you wait to claim past full retirement age up to age 70, your benefits increase by 8%. This kind of return is hard to match in traditional investment markets.

Importantly, these benefits are adjusted for inflation, unlike many other income sources, as noted by David John, a senior policy advisor at the AARP Public Policy Institute. This means that your purchasing power can remain stable over time.

“The later you can file for Social Security, the better it is as far as the amount you’re going to get,” John emphasized.

As you approach your early 60s, it’s advisable to review your earnings record to ensure accuracy, as this will directly affect your benefit calculations, Copeland advised. This review allows you to estimate what your monthly benefit check will look like if you decide to claim at ages 62, 67 (full retirement age), or 70.

• Key due date to watch: Your 65th birthday celebration.

While you can start receiving your Social Security retirement benefits at age 62, eligibility for Medicare typically begins at age 65. Understanding this timeline is essential for effective planning.

Your initial enrollment period spans three months before your 65th birthday, includes your birth month, and extends three months after your birthday, totaling seven months. This period is crucial for enrolling in Medicare Part A, which covers inpatient hospital stays, skilled nursing facility care, home health services, and hospice care, as well as Medicare Part B, which encompasses outpatient care and preventive services.

Some individuals may be automatically registered if they are already receiving Social Security benefits, according to Jane Sung, a senior policy advisor at the AARP Public Policy Institute.

For many others, turning 65 and the surrounding months represent a critical time for making healthcare decisions. “Don’t wait until the last week of your initial enrollment period, because it is complex,” Sung warned.

If you are still employed and have health insurance through your employer, you might choose to delay signing up for Medicare when you turn 65, she added. Those opting for traditional Medicare may also want to consider adding Medigap plans to help cover out-of-pocket expenses or Medicare Part D for prescription drug coverage.

Alternatively, individuals can select Medicare Part C, commonly known as Advantage plans, which are provided through private insurance companies and usually encompass Parts A and B along with additional coverage options.

To navigate these choices effectively, the AARP provides a Medicare enrollment guide and a wealth of additional resources. State Health Insurance Assistance Programs, often referred to as SHIP, also offer valuable support to Medicare beneficiaries.

Moreover, some individuals may qualify for financial assistance through Medicare savings programs if their income or assets fall below specific thresholds. The key is to be proactive and conduct thorough research.

“Certainly, I think six months, four months before your 65^th birthday is a great time to start thinking about learning more about Medicare and the different options available out there,” Sung reiterated.

• Key due date to watch: The earlier, the far better.

Regarding lifestyle choices, many retirees prefer to age in place, but it’s essential to evaluate whether your current home will continue to suit your needs as you grow older, notes Copeland from EBRI.

Planning where to live in retirement should ideally begin well in advance; the earlier you start, the better, he advised. “Once you have any mobility issues, you really need to be moving on it,” Copeland stated.

If you’re considering relocating, doing so early can help avoid complications that arise with health issues. Conversely, if you intend to age in place, making modifications now, such as installing grab bars or handrails, can facilitate a smoother transition when health declines.

It’s important to recognize that the search for retirement living arrangements is not a one-size-fits-all solution, according to Susan Reinhard, senior vice president and director of the AARP Public Policy Institute. Individual preferences vary widely; while some may choose to downsize, others might seek larger homes to accommodate visiting grandchildren. “It’s called right-sizing for you,” Reinhard explained.

When selecting a living arrangement, consider making necessary provisions for your care, including creating or updating advance directives and legal documents that outline your wishes for care should you become unable to care for yourself. It’s also wise to maintain medical records and discuss your healthcare preferences with family members who may assist in case of medical emergencies, Reinhard suggested.

• Key due date to watch: Check in at the very least one decade far from retired life.

For many individuals, the concept of retirement may not feel tangible until around age 45, according to David John of the AARP Public Policy Institute. At this juncture, it’s beneficial to engage in serious contemplation regarding your retirement goals while still in the workforce and capable of accumulating savings and making plans.

Regardless of where you currently stand in your retirement journey, there’s always room for progress. “If you don’t have retirement savings at this point, it’s never too late to start,” John emphasized. “Having any level of savings is better than having no savings at all.” This proactive approach to retirement planning can significantly enhance your financial security in your later years.