Why a Financial Advisor’s Help is Essential When You Turn 65

06.01.2026 | Category: Financial Planning

Reviewer: Adam Olson, CFP®, LUTCF, FSCP, RICP
Certified Financial Planner®

Summary: Turning 65 introduces new financial decisions that can be confusing. Retirement income, Medicare, taxes and investments are all subject to change. Learn how a financial professional can help you understand your options and make informed decisions with confidence.

Turning 65 is a milestone that often comes with big financial changes. Whether you’re looking to retire soon or carry on working, your income sources and financial priorities look very different.

Your paycheck may stop as you draw income from pensions, savings, investments or Social Security instead. Healthcare costs are likely to play a bigger role. Taxes can rise or fall, depending on your circumstances.

It’s a complex mix that can affect both your lifestyle and long-term security, so working with a financial advisor can be invaluable. Having a financial professional help guide the plan can help ensure you are protecting what matters most.

How your financial picture changes at 65

Even if you’ve confidently managed your money for decades, retirement planning can be more complicated than many people expect at age 65. That’s partly because there are some specific shifts that can happen around this time:

Most people’s employment income stops (unless they choose to carry on working for longer), with savings or pensions becoming the bulk of their income.
Medicare begins, but coverage and premiums aren’t always that easy to understand or manage.
Withdrawals from IRAs or 401(k)s are taxable, and Social Security can be as well, depending on an individual’s income.
Your investment focus should move away from growth, with preservation and stability often being more important at this stage.

A retirement financial advisor can help you understand how all these pieces fit together, so you can make the decisions that best fit your lifestyle and comfort level. Mutual of Omaha Certified Financial Planner® Adam Olson adds, “Retirement is about income, not about assets. So, while you may have been great at saving for retirement, spending your money in retirement is completely different. It’s a big mindset shift.”

Key areas where retirement financial advisors help at 65

At 65, your financial focus is likely to shift from working and earning money to making your money last while you make the most of your transition into retirement. A financial advisor can help in these key areas.

1. Retirement income planning

After decades of working hard, your aim will now be to turn your hard-earned savings into a steady income that lasts throughout retirement.

A financial advisor can help you make important decisions like:

When to claim Social Security
How to draw money from savings and retirement accounts
Which account to use first for tax efficiency
What your Medicare premiums might be and other Medicare coverage you might need
Which legal documents are important to have

A retirement financial advisor with Certified Financial Planner® credentials can also test different income scenarios, helping you see how your plan might hold up under challenges like market changes or unexpected expenses.

2. Social Security timing

The age you claim Social Security affects how much you receive each month for the rest of your life. Claiming early means smaller checks sooner, while delaying your claim can increase the amount you get.

Olson adds, “With some married couples, a common goal can be to claim the smaller benefit early and delay the larger one. Because the surviving spouse keeps the higher benefit, maximizing it can make a meaningful long-term difference.”

With a retirement financial advisor at your side, you can learn about your options and how each choice might affect your overall retirement income. It’s also beneficial for married couples looking to coordinate their timing, so each person gets the most value from spousal benefits.

3. Medicare and healthcare planning

A 65-year-old retiring today can expect to spend an average of $172,500 on healthcare and medical expenses throughout retirement.1 Medicare does, of course, help with this, but in many cases, it doesn’t cover everything.

An advisor can help you understand things like:

Determine the best enrollment time
Consider Medicare supplement insurance
Plan for unexpected Medicare costs

Medicare rules can be complicated, and even seemingly minor decisions when Medicare planning can make a significant difference to your financial security over time. Having a clear plan now can help you avoid surprise costs later. Olson points out, “Keep in mind, your income from two years ago will affect your Medicare premiums, better known as the IRMAA penalty. A CFP® can help you anticipate this.”

4. Investment strategy review

Once you reach 65, your risk tolerance and goals are likely to shift. You may still want the best growth, but protecting your savings as you head into retirement takes priority.

An advisor can:

Help rebalance your portfolio to fit your current stage of life
Adjust your investments to match your comfort level with risk
Ensure you have enough cash available for living expenses. Olson says an easy way to manage this is to have your needs covered by fixed income and your wants covered by investment income.

5. Estate and legacy planning

Planning how you want to leave your legacy isn’t just for the wealthy. It’s important to make sure your wishes are clear, and can help reduce stress for your loved ones at an already difficult time.

A financial advisor can coordinate with your attorney to confirm that:

Your will and powers of attorney are current
Beneficiary designations on accounts and insurance policies are accurate
Your estate plan is designed to minimize taxes

Planning ahead makes everything easier

Even if you’re not ready to retire at 65, it’s the perfect time to have a good look at your finances. Getting a plan in place early gives you more flexibility before major deadlines like Medicare enrollment or Social Security filing windows.

A retirement financial advisor can help you think about what might be next, whether that’s downsizing, moving closer to family, supporting adult children or even planning your dream retirement trip. The goal is to prepare now so your future choices feel deliberate rather than rushed.

Turning 65 doesn’t mean you suddenly need to have everything figured out, but it’s definitely a significant moment to take stock of where you are and where you want to be in the future. Making sure your money supports your next chapter is key.

Olson says, “You don’t know what you don’t know. A financial advisor who’s helped hundreds of people retire knows what to watch out for and what to plan for. They’ve seen the mistakes others have made and can help you avoid making them yourself.”

Why does it help to have someone in your corner?

Entering retirement with minimal stress is a common goal. Markets can be volatile, costs may rise, and decisions can be second-guessed. The goal isn’t perfection. Just having a plan that helps you enter the next stage of your journey with confidence and clarity can make a difference.

If you’re looking for financial advisor help at 65, or at any age, Mutual of Omaha’s financial professionals are here to help support you on your journey to financial freedom.

How does your retirement plan stack up?

Not sure how long your money will last in retirement? Use our calculator to see how you’re tracking.

Frequently Asked Questions

How do I find the right financial advisor for me?

Look for someone experienced in retirement planning who understands clients your age. Check the credentials of the financial advisor you are considering, like Certified Financial Planner CFP®, and whether their approach matches your goals.

Can I speak to a financial advisor for free?

Yes, most advisors will offer an initial consultation at no cost, so you have time to ask questions and decide if their style fits your needs before committing. Fees will then vary if you decide to work with them.

Can a financial advisor help reduce taxes in retirement?

Often, yes. Advisors can help plan withdrawals from retirement accounts, suggest Roth conversions or recommend strategies like charitable giving to manage taxable income in retirement. Every situation is unique, so it’s about finding approaches that make sense for you.

What happens if I delay getting financial advice until after I retire?

You can still benefit from advice later, but waiting could limit your options for managing your financial future as effectively as possible. Getting guidance earlier gives you more flexibility to plan and make informed decisions.

Are financial advisors only for the wealthy?

Not at all. Many advisors work with people at all income levels, focusing on planning and guidance rather than just investing large sums. The goal is to help anyone make smarter decisions about their money.

Reviewer: Adam Olson, CFP®, LUTCF, FSCP, RICP
Certified Financial Planner®

Adam is a Certified Financial Planner®, author and podcast host with a deep passion for helping clients navigate all aspects of personal finance, from financial planning and investment management to life and health insurance. His goal is to empower individuals and families with the knowledge and tools they need to make confident financial decisions. He resides in Norfolk, Nebraska with his wife, Katie, where they are raising their four boys.

Sources:
1. Hannon, K. (2025, July 31). No relief: Retirees’ out-of-pocket healthcare costs are spiraling. Yahoo Finance. https://finance.yahoo.com/news/no-relief-retirees-out-of-pocket-healthcare-costs-are-spiraling-144721002.html

Disclosures:
Registered Representatives offer securities through Mutual of Omaha Investor Services, Inc., Member FINRA/SIPC. Investment Advisor Representatives offer advisory services through Mutual of Omaha Investor Services, Inc.

All investing involves risk, including the possible loss of principal, and there can be no assurance that any investment strategy will be successful.

Mutual of Omaha and its representatives do not provide tax and/or legal advice, and the information provided herein is general in nature and should not be considered tax and/or legal advice.

Not all Mutual of Omaha agents are registered representatives or financial advisors.

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