Retirement involves some of the most consequential financial and healthcare decisions of your life — Medicare enrollment, Social Security timing, and income planning. Getting these right can mean tens of thousands of dollars. Lumeway helps you navigate every decision.
What to expect
Critical deadlines
Enroll in Medicare during the 7-month window — 3 months before, the month of, and 3 months after your 65th birthday. Missing it causes lifetime premium penalties.
You can claim as early as 62 (reduced benefit) or delay until 70 (maximum benefit). Every year you delay past full retirement age adds ~8% to your benefit.
You must begin taking RMDs from traditional IRAs and 401ks at age 73. Failure to take RMDs results in a 25% excise tax on the amount not withdrawn.
If you take a 401k distribution at retirement, you have 60 days to roll it into an IRA to avoid taxes and penalties.
Medicare's annual open enrollment runs October 15 – December 7. This is your window to switch Medicare Advantage or Part D drug plans.
Social Security and retirement distributions are taxable. You may need to make quarterly estimated tax payments in retirement to avoid penalties.
National resources
Compare Medicare plans, enroll in coverage, and find answers to all your Medicare questions from the official source.
medicare.gov →Estimate your benefits, find your full retirement age, and apply for Social Security retirement benefits online.
ssa.gov/retirement →Tools, calculators, and guides for retirement planning, Medicare, and Social Security from America's leading retirement organization.
aarp.org/retirement →Free retirement planning tools and guides from the Consumer Financial Protection Bureau.
consumerfinance.gov →Lumeway walks you through Medicare, Social Security, and every financial decision of retirement — so you get it right the first time.