I have a number of clients turning 65 this year and along with all the personal birthday greetings they will get, the Government has a few presents for them too.

When you turn 65 you get to apply for Medicare. If you have started taking Social Security benefits prior to age 65, you are already signed up for Medicare, otherwise, you have to sign up yourself. Three months before you turn 65 you can either go to www.medicare.gov or call 1-800-772-1213, but make sure you do it or you will have a lifetime of penalties.

The IRS has a present for you also. Upon turning 65, your standard deduction goes to $7100 from a current deduction of $5700. That is a potential tax savings of $616/year.

Many of my clients are still working at age 65, after all it is still young in my book, but retirement planning is important. Many people looked at age 65 as the marker for starting Social Security – it used to be the “full retirement” age. That may not be true for you. For most people, full retirement for Social Security is either age 66 or 66 + 4 months. You can go to www.ssa.gov to check your status.

So celebrate big for your 65th! Have cake and ice cream and accept your presents from wherever they may come.