Make sure you have your medical costs covered. Even if you are 65, Medicare will not cover everything. Unless you have a bucket of money to draw upon (and I'm talking well into six figures), get some supplemental insurance to help cover the out of pocket. Also, make sure you have long-term care insurance in case you need to spend months in a rehab or nursing care facility. Medicare typically covers only up to 60 days.
There are many people who work decades to build up a decent retirement nest egg. They retire thinking they are all set financially but with one debilitating illness, those retirement savings can get totally wiped out in no time at all if you do not have supplemental insurance.
Additional advice. When you turn 65 you must sign up for Medicare. Had a friend that at 65 decided he wasn't going to sign up for Medicare. He had good insurance that he could well afford to pay for. About a year later, when he went to his doctor, he was told he had to have Medicare, they couldn't bill his private insurance. He signed up for Medicare and was told his premiums for the part B (?) would be higher for the rest of his life as he didn't sign up when he turned 65. Yes, a lifetime penalty.
Also, when initially signing up for Medicare if you don't get their prescription coverage, or a Medicare approved prescription plan, but later you decide you want prescription coverage, same thing, premium is higher as you didn't sign up at 65. Even if you don't take any prescription medicare they will penalize you forever. Bottom line, get the cheapest approved prescription plan. If in the future you do have to take meds you can change your plan in the last quarter of the year.
And if you are on good terms with your children and in poor health, start now in moving your assets to their names (with the assistance of an elderly law attorney). There is a “claw-back” period of five years (I believe) and any assets transferred after that period of time will be cancelled. If you spend months in a nursing home paid by Medicare, they will come for your home after your death regardless of who it is left to in your Will.
For instance if a widowed mother enters a nursing home six months prior to her death and transfers her home into a child’s name at that time, then after her death the government will still take her home. It matters not if it is now in her adult child’s name and that child has moved in with their family. There are a few exceptions for long-timed live in care givers, but you need to have an attorney to help you make those decisions.