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OPERATING ENGINEERS
TRUST FUNDS

Life Events Guide

Turning 65

With regard to aging, resistance may or may not be futile. In either case, it makes sense to attend to the various matters which are implied by the aging process. Like any sort of planning process, it is better to think about these matters sooner than later, but a little bit of planning is always better than none at all.

Plan Checklist

  • You need to enroll for both Medicare Part A and Medicare Part B to participate in this Plan if you are 65 or older.
  • Notify the Plan when you have enrolled in Part B. Check the retiree view of this website to see how your options for coverage change when you and/or your spouse acquire Medicare coverage.

Also Consider…

While age 65 is the “normal” retirement age for the Pension Plan, it is no longer the normal Social Security retirement age for people reaching age 65. When to begin taking Social Security benefits can be a complex consideration. It involves your and your spouse’s level of Social Security benefits relative to other sources of retirement income, whether you will be working at all in retirement (for tax ramifications), your level of health, your expected lifespan, current inflation and interest rates, and more. In addition to reading up on this topic on your own, it may benefit you to discuss your situation with a tax or financial planning professional.

Age 65 is also a time to think about end-of-life planning. While you may live to 100, it is considered a good idea to take care of these issues well before you achieve an advanced age. Most people who go through the process of planning for end-of-life issues find the experience valuable. We know that lifespans are continuing to increase, but regardless of your present state of health, the beginning of the later stages of life is the time to make plans for what you know to be inevitable. In addition to the list of standard items below, you may wish to look into prearranging (and even prepaying) for your funeral and burial. This will be one less burden for your survivors to deal with. Another important chore is to make sure that all of your vital documents are organized intelligibly, with lists of their locations. Here is a link to a documents organizer to get you started.

Long-term care can become a significant issue in the later stages of life. You should determine whether obtaining insurance for this contingency is financially appropriate for you. Don’t delay in the hopes that prices will come down — the cost of this insurance only goes up as you age.

Please review the following list and consult the appropriate professionals to help you complete your planning as appropriate for your own circumstances.

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