Baby Boomers, those who were born between 1946 and 1964, still have a lot to learn. Upon retiring, they must navigate recently changed rules and make decisions that, like many of life’s transitions, aren’t common knowledge. You can review Social Security, Medicare and IRS to help you through that process. Here are 16 retirement tips that most Boomers have no idea even exist!
Check for Retirement Money You Forgot About
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When you change jobs frequently and lack a long tenure at a single company, you might overlook contributions made during certain years of your career. That is why the U.S. Department of Labor has launched a “Retirement Savings Lost and Found,” allowing workers to locate retirement plans from former employers. One of these retirement tips can help you avoid losing track of pensions and other benefits to which you are entitled.
Waiting to Claim Social Security Can Raise Your Monthly Check
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Many Baby Boomers are unaware that the longer you delay claiming your social security retirements benefits, the greater the benefits you will receive upon retirement. If you wait until after age 70 to apply, at maximum, your social security credits increase by more than 8% annually, resulting in a significant amount of extra money. This is one of the most important retirement tips to understand when deciding when to claim Social Security.
Check Your Social Security Earnings Record Before You Retire
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Social Security benefits are based in part on the money a worker has accumulated. You should calculate this amount without overlooking any of your earnings, cross-referencing your tax returns and W-2s, so that are no surprises. Checking your earnings record is one of the important retirement tips before claiming benefits. But this must occur within 12 months of the first month of entitlement according to the United States Social Security Administration.
Claimed Social Security Too Soon? There Is a Do-Over
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Social Security offers the option to withdraw your retirement benefit application within 12 months of approval, in case you regret having claimed it so soon. If you change your mind, you can apply for the benefit again later, but only if you haven’t reach full retirement age and before age 70 and also you generally have to pay back the money you have already received. One of these retirement tips can be especially important for people who realize they claimed too early.
You May Be Able to Pause Social Security and Let it Grow Again
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If you decide to pause your Social Security benefits, provided you haven’t yet reached age 70, you have the right to do so. Payments are suspended, which allows you to accrue additional retirement credits and increase your benefit amount for when you decide to resume receiving payments. If you do not need the monthly income right now, one of these retirement tips could benefit from a higher payout later.
If Your Income Drops After Retiring, Ask Medicare to Recheck Your Premium
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If you have recently retired and previously had a high income, affecting the premiums you pay for Medicare Part B and prescription drug coverage, you might find yourself facing high costs, as if you were still employed. This happens because Medicare relies on older tax information, and a newly retired person’s update status may not yet be reflected in the system. For this reason, Social Security allows individuals who have experienced a drop in income to request a reconsideration of their premium costs. One of these retirement tips could help reduce Medicare costs after retirement.
Don’t Let COBRA Make You Miss Medicare
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Although COBRA allows an employee to temporally maintain their health plan after leaving a job, that does not mean you are exempt from Medicare Part B requirements. Medicare states that individuals have up to eight months after employments end, or until coverage terminates, to enroll in Part B without paying a penalty, regardless of whether or not they choose COBRA. You must know that the 8 month clock still runs even if someone chooses COBRA, making one of these retirement tips particularly important when leaving a job.
Get Free Medicare Help Before Buying a Plan
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Medicare plans can be overwhelming, as they appear constantly on television and are frequently offered by insurance agents. Every state has a State Health Insurance Assistance Program that can provide you with advice; these programs are not affiliated with any health plan and do not answer to any insurance company. Using SHIP is one of the useful retirement tips when comparing Medicare options.
Workers in Their Early 60s Can Put Extra Money Into a 401 k
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The contribution limit for a worker aged 50 or older is significantly higher than that of a younger employee. Consequently, in 2026, individuals that turn 60, 61, 62, or 63 who are planning for retirement can allocate more funds to their plan, up to an additional $11,250 in many workplaces, on top of the standard $24,500 contribution limit applicable to employees that year. Of course, not all workers are able to contribute that maximum amount. One of these retirement tips could be valuable for people to maximize their savings.
Don’t Automatically Delay Your First Required Retirement Withdrawal
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Traditional retirement accounts typically require you to start taking withdrawals at a certain age, but if you wait some time, you might end up making two withdrawals within the same calendar year, and that’s not a good option. It may be better to take the first RMD in the year you turn 73 to avoid two RMDs in one calendar year. The first required withdrawal occurs when you reach age 73, though the IRS may allow you to delay that initial payment until April 1 of the following year. However, making two withdrawals in a single calendar year can result in a higher taxable income.
If You Give to Charity, Your IRA May Be a Smarter Place to Give From
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IRA owners who meet certain requirements can transfer funds directly from their IRA to an eligible charity. This is a beneficial strategy because the transfer satisfies all necessary withdrawal criteria without being treated as an ordinary taxable IRA withdrawal. You must take into account that a QCD requires the IRA owner to be at least 70 1/2 and the distribution must go directly to an eligible charity. One of these retirement tips can be a particularly convenient option if you already plan to make charitable donations.
Keep Using Your HSA Money After You Retire
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Retiring does not cause your Health Savings Account to disappear, and Baby Boomers should know this. The money already in the HSA can be used tax-free for qualifying medical expenses, thereby becoming a valuable pool of funds for healthcare costs in later years. Remembering how an HSA works is another to the useful retirement tips.
Your Roth 401(k) No Longer Forces Withdrawals While You’re Alive
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The rule regarding Roth 401(k) plans which older retirement advice often warned would eventually force retirees to withdraw funds, has changed. The IRS states that the Required Minimum Distribution rule no longer applies to workplace Roth accounts while the original owner is still alive. However, should that circumstance change, the rule changes as well. One of these retirement tips is worth remembering when reviewing older retirement advice.
Still Working at 73? You May Not Have to Tap Your Current 401(k) Yet
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Many people assume that every retirement account automatically begins paying out when you reach age 73, but that is not the case. Some individuals who are still working may delay the required withdrawal from their current employer’s retirement plan until they retire. This allows the account balance to grow, provided the funds are not needed for immediate expenses. One of these retirement tips can be especially useful for people who continue working past 73.
Widows and Widowers May Be Able to Take One Social Security Benefit and Switch Later
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If you are a surviving spouse, you are offered a certain flexibility not available with standard retirement benefits. An individual eligible for both survivor benefit and their own retirement benefit can take advantage of choosing one initially and later switching to the other, depending on their eligibility and circumstances. Social Security indicates that such a person can receive survivor benefits first and potentially transition to a higher retirement benefit later. Understanding one of these retirement tips can help you a lot.
Review Your Medicare Plan Every Fall Instead of Automatically Renewing It
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Costs for Medicare Advantage, covered drugs, pharmacy and doctor networks, and other expenses are subject to change. Just because a plan seemed like a good choice one year doesn’t mean the situation will be the same the following year. Annual enrollment periods, from October 15 to December 7, are specifically designed to allow beneficiaries to compare plans and, if they deem it appropriate, switch their coverage. Reviewing your Medicare options every year is one of the important retirement tips.
Conclusion
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You need to evaluate the best decisions for your future. These options can be surprisingly straightforward, such as verifying old accounts, reviewing your Social Security record, and so on. Timing is crucial, as it will affect your investment returns. You should also keep in mind that rules can change over time and there could exist details you might not be fully aware of. The best approach is to create a retirement plan and conduct an annual review, rather than making a single decision and simply hoping it remains profitable. These are among the most valuable retirement tips for maintaining a flexible retirement strategy.
