Here’s what you can now do at age 65 that millions of older Americans miss — don’t whiff on these big financial moves

April 6, 2026 - 22:01

Reaching the age of 65 unlocks several pivotal financial opportunities that, if missed, can cost older Americans significant long-term security and benefits. While many focus on boosting Social Security payments, that is merely the starting point for savvy financial planning.

A critical move is enrolling in Medicare during your Initial Enrollment Period, which begins three months before your 65th birthday. Missing this window can lead to permanent late-enrollment penalties and gaps in health coverage. Simultaneously, this milestone is the prime time to review and optimize your retirement portfolio. This includes considering a shift toward more conservative investments to preserve capital while still planning for a retirement that could last decades.

Furthermore, age 65 brings expanded options for Health Savings Accounts (HSAs) and potentially allows for penalty-free withdrawals from retirement accounts under certain conditions. It is also an ideal moment to reassess your insurance needs, including long-term care coverage, and to ensure your estate planning documents are current. Proactively executing these strategies can solidify your financial foundation for the years ahead.