62 and Beyond

June 2017 marked the 30th anniversary of the National Senior Games in Birmingham, Alabama.  During this year’s games, 142 new records were set (four of those being world masters records).

 

One of the highlights of the games was 101-year-old Julia “Hurricane” Hawkins setting a new world record in the 100-meter race with a time of 36.62.  On her way to the finish line, she passed six of the seven other women she was competing against (90-95, 95-99, and 100+ all ran in the same heat).  After the race, she quipped, “I came to run, and that’s what I did.”

 

For our readers who are making the most of their golden years, here’s a few things we’ve thought about (and read about) recently for those age 62 and older:

 

  • Don’t take your social security benefit at age 62, without first talking to your financial advisor. In some cases (e.g. health reasons), it may make sense to claim early, but those situations are rare.  Click here for more information and create an online account today at ssa.gov.
  • If you are in the market for a new car, here are five cars worth considering (based on front-seat access, visibility, price, and overall safety): Subaru Forester, Subaru Outback, Kia Sportage, Ford Escape, and Nissan Rogue.
  • Six months before your 65th birthday, start planning for Medicare. You can enroll three months before your birthday, but you may need extra time to evaluate your options, especially if you plan to continue working past 65.
  • If you don’t have your lifetime National Parks pass, sign up now. The price is $10 until August 28, when it will jump to $80.  Here’s a list of our nation’s 59 National Parks.
  • If you are no longer working, rollover your 401k into an IRA to potentially save money on fees and gain access to better investment options. If possible, wait until age 70.5 to start withdrawing money from your IRA.
  • Austin Parks & Recreation offers a variety of programs and service for seniors.
  • If you will have some years of low income between retirement and age 70, consider converting some of your IRA to a Roth. If you are interested, we can provide you with the pros and cons.
  • If you are over age 70 and want to make a charitable gift, it could be more tax-efficient to give directly from your IRA. Click here for more info.

Of course, this list could be endless.  The main point is we want you to know that we are here to help.  Regardless the question, don’t hesitate to give us a call and pick our brain.  If we’re not the right people to answer your question, we’ll point you in the right direction.  Enjoy every phase of life!