Turning 65
Turning 65? Avoid the 3 costliest mistakes most people make.
Medicare late-enrollment penalties, unexpected taxes on Social Security benefits, and higher Medicare premiums sneak up fast. Mary Garza walks you through each deadline and how your choices affect your taxes.
Timeline
Key ages at a glance
A missed enrollment window or mistimed withdrawal can trigger lasting penalties or push your retirement income into a higher tax bracket.
- Age 62 · Earliest Social SecurityEarliest age to claim Social Security, with a permanent reduction to your monthly benefit.
- Age 64¾ · Medicare window opensYour 7-month enrollment window opens 3 months before your 65th birthday month.
- Age 65 · Medicare eligibilityEnroll in Parts A and B, and compare Original Medicare with a supplement against Medicare Advantage. Your 6-month Medigap window starts.
- Age 67 · Full retirement age100% of your standard Social Security benefit if you were born in 1960 or later. The earnings limit ends.
- Age 70 · Maximum benefit capDelayed Social Security retirement credits stop at age 70. Waiting longer adds no extra benefit.
- Age 73 · Required IRA withdrawalsRequired minimum distributions generally begin from traditional IRAs and 401(k)s (75 if born in 1960 or later).
The 2-year Medicare lookbackYour tax return from two years ago sets your Medicare premiums.
A large IRA withdrawal or Roth conversion at 63 or 64 can raise your Part B and Part D premiums at 65. We review your tax return alongside your Medicare timeline before you file.
Free PDF · Turning 65
Turning 65 checklist
Every deadline and decision for the year you turn 65, on one page.
Three connected decisions
How Medicare, Social Security and your IRA affect your tax bill.
Most retirees treat these as separate steps. Looking at all three together helps you keep more of your retirement income.
Free educational events · Belton & onlineMedicare, Social Security & retirement tax sessions
Join Mary Garza for a plain-English session in Belton or online, with time to get your questions answered. See dates & request a seat
Common questions
Turning 65 FAQ
What happens if I keep working past 65 with employer health coverage?
If you or your spouse actively work for an employer with 20 or more employees, you may be able to delay Medicare Part B without a late penalty and use a Special Enrollment Period when that coverage ends. Smaller employers follow different rules, so confirm before your initial window closes.
How does my tax return affect my Medicare monthly premiums?
Medicare looks at your tax return from two years earlier to set your Part B and Part D premiums. If a large IRA withdrawal, capital gain or Roth conversion pushes your income above a threshold, you pay an income-related monthly surcharge. If your income dropped due to retirement, you may be able to request a reduction.
Can I switch from Medicare Advantage back to Original Medicare later?
You can switch during open enrollment windows, but outside your initial 6-month Medigap window, private supplement insurers in most states can review your health history and charge more or decline coverage.
Are Social Security benefits taxed in Texas?
Texas has no state income tax, but the federal government can tax up to 85% of your Social Security benefits depending on your combined income from wages, pensions, interest and traditional IRA withdrawals.
Approaching 65? Let’s sit down.
Bring your questions, your retirement statements and your last tax return. We’ll walk through your timeline together in plain English.
55 or older? Ask about our $79.95 Tax Prep Special.
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