Retirement timeline for Boomers
Medicare kicks in
If you are already collecting Social Security benefits, you will automatically be enrolled in Medicare. Part A, which covers hospital costs, is free. Part B charges a monthly premium, currently about $100 per month for most beneficiaries, If you’re not yet collecting Social Security benefits, you’ll have to apply for Medicare.
Once you turn 65, you can no longer contribute to a Health Savings Account, but you can spend the money on anything, penalty free. However, you’ll owe income taxes on any non-medical distributions.