Birthday List Highlights Key Dates For Elders

Let’s face it, few things in life are more thrilling than turning 15 and getting a learner’s permit to drive.

But after about age 18, or 21 at most, birthdays start being a lot less fun. They are, however, no less important to observe, especially past 50.

At 50, a surviving spouse can begin to collect Social Security retirement benefits earned by the deceased spouse - but only if the survivor is disabled.

Life is full of windows of opportunity linked to birthdays.

In some cases, the costs of failing to act expeditiously can be hazardous to the birthday person’s financial and/or physical health. For example, current law requires insurance carriers to make Medigap coverage available regardless of health status only within the first six months after age 65. For anyone with high-risk health problems, taking advantage of that window may be absolutely crucial.

But it’s questionable if one person in 100 has this vital information. So where does one turn to find out such things?

Financial planners have some of the information. Elder law attorneys and estate planners know the birthdays important in their field of expertise. Health care agencies have another list.

But where can one go for a master calendar, one that covers in detail all of the milestone birthdays after 50?

I asked Gail Goeller of Spokane, author with her husband, John, of The Complete Directory for Seniors and Their Families. Their book, the third edition of which is scheduled to come out next month, has the most comprehensive information on senior services in Spokane.

Goeller didn’t have the answer to my question about the availability of an all-inclusive calendar. But she observed that she and her husband made up a personal calendar for her father, after her mother’s death. He is well up in years, and his master calendar includes the dates of grandchildren’s birthdays, for example.

While she fancies the idea of developing a master calendar that the senior set could adapt to their personal needs, with only a few days left before going to press, there wasn’t time to put together such a calendar for this edition of their book, she said. Maybe next time.

Meanwhile, here is a calendar pieced together from materials supplied by the Institute of Certified Financial Planners and other sources:

Age 55. Hereafter you can exclude from capital gains tax profit on the sale of your home. But you can only do it once.

Also at age 55, you can begin making penalty-free withdrawals from a company-sponsored retirement plan (but not an individual retirement account) if you retire, are terminated, or change employers.

Age 59-1/2. You can take withdrawals without penalty from any retirement plan or individual retirement account.

Age 60. A surviving spouse who is not disabled can now begin to collect a reduced Social Security benefit amounting to 71.5 percent of the total that would be paid at age 65.

Age 62. You can now collect your own Social Security, at 80 percent of the amount it would be at age 65. After the year 2000, you can still retire at age 62, but your benefit is further reduced on a sliding basis monthly until the year 2027.

Age 65. You can begin to receive Medicare the first day of the month you turn 65.

“But people should apply three months before their 65th birthday to avoid a delay in coverage,” counsels Leslie Noll, coordinator in Spokane for the state’s Senior Health Insurance Benefits Adviser (SHIBA) program.

“Three months before 65, the month of your birthday, and three months following, it is important to look into Medicare supplements like Medigap insurance,” says Noll. “Medicare Part-A (hospitalization) is automatic. But if you don’t sign up for Part-B (the doctor) you will pay a premium (of an extra 10 percent per year) for the rest of your life.”

Age 65 to 67. Full Social Security benefits are yours. Starting in 2000, the age will gradually be shifted from 65 to 67 by 2027.

Age 70-1/2. You must start withdrawing a required minimum from your retirement plan or individual retirement account by April 1 of the year following the year you turn 70-1/2.

, DataTimes MEMO: Associate Editor Frank Bartel writes on retirement issues each Sunday. He can be reached with ideas for future columns at 459-5467 or fax 459-5482.

The following fields overflowed: CREDIT = Frank Bartel The Spokesman-Review