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An estimated 4.1 million Americans will turn 65 this year.

And another 4.1 million in 2026, and another 4.1 million in 2027. This group known as Peak 65 represents a wave that run a high risk of outliving their retirement funding.

If you are one of them, here is what to know.

1. You still haven’t reached full retirement age for Social Security. 

This is a big change from your parents’ retirement. For decades, 65 was the magic age for receiving full Social Security benefits. But that age started to increase for people born in 1938 and later. It’s now between ages 66 and 67 for people born in 1955-1959, and then rises by two months every year until it tops out at age 67 for people born in 1960 and later.

You can still take early benefits starting at age 62, but your payouts will be reduced for your lifetime, based on the number of months before your full retirement age. For someone born in 1959, the full retirement age is 66 and 10 months. If they sign up for Social Security at age 65, they’ll be enrolling 22 months early, which could lead to a significant reduction in benefits over time. Enrolling early can also reduce the survivor benefits your spouse could receive after you die.

Also, if you’re still working and are younger than full retirement age, your Social Security benefits may be reduced based on your income.

2. You can sign up for Medicare.

That one hasn’t changed -- Medicare coverage still starts at age 65. But the sign-up rules are tricky if you haven’t started receiving Social Security benefits (or Railroad Retirement benefits) yet. 

If you enrolled in Social Security at least four months before you turned 65, you’ll automatically be enrolled in Medicare when you hit your birthday. But if you haven’t signed up for Social Security, then you need to take steps on your own to enroll in Medicare.

You have a seven-month window to sign up for Medicare:  the three months before your birthday, your birthday month, and three months after that. You can sign up for Medicare online at the Social Security website, even if you aren’t signing up for Social Security benefits yet.

Unless you’re working and have health insurance from your employer (or spouse’s employer), then you usually need to sign up for Medicare at age 65. Medicare Part A, which covers hospitalization, is free for most people, so they generally sign up at 65 even if they’re working (unless they want to contribute to an HSA).

But Medicare Part B, which covers doctor and outpatient services can be costly, so some people delay signing up for Part B while they are working. But you must sign up within eight months after you leave your job and lose your employer’s coverage, or else you could have a late enrollment penalty of 10 percent of the cost of Part B for every 12 months you should have been enrolled in Medicare but were not.

3. You can use your HSA for more expenses

A health savings account (HSA) can provide a triple tax break: your contributions are tax-deductible (or pre-tax if through your employer), the money grows tax-deferred, and you can withdraw it tax-free for eligible medical expenses at any time. And when you turn age 65, you can withdraw the money tax-free for a broader range of medical expenses.

You must stop making HSA contributions when you enroll in Medicare Part A or Part B, but some people who are still working for a large employer delay signing up for Medicare so they can contribute to an HSA. To be eligible to make HSA contributions in 2024, your policy must have a medical insurance deductible of at least $1,600 if you have self-only coverage, or $3,200 for family coverage.

But even after you have to stop making new HSA contributions, you can keep the money growing in the account for future expenses. You usually have to pay taxes and a 20 percent penalty if you withdraw HSA money for anything other than qualified medical expenses, but the penalty goes away at 65. At that point, you just have to pay taxes on nonmedical withdrawals.

4. You get a bigger standard deduction and other tax breaks.

When you turn 65, you qualify for a larger standard deduction when you file your federal income tax return. The standard deduction for 2024 is generally $14,600 for single filers, $21,900 for heads of household, and $29,200 if married filing jointly. The extra deductions for 65-plus taxpayers go up to $1,950 for individuals and $3,100 for couples.

You may also qualify for extra state or local tax breaks at age 65. Many state and local jurisdictions freeze property tax assessments for people aged 65 and older. For example, some states may subtract a fixed dollar amount from your home’s assessed value or your property tax bill. Contact your state and county to find out if you are eligible for any breaks.

5. You can still save for retirement

If you’re still doing any work at 65 — even if it’s just part-time or freelance — you can continue to save for retirement. You can contribute to a Roth or a traditional IRA at any age, as long as you earned some income from working. You can contribute up to $8,000 to an IRA in 2024 if you’re 50 or older (or up to the amount of money you earned from working for the year, if less).

If you’re working but your spouse is not, you can also contribute up to $7,500 to a spousal IRA on his or her behalf, if they are 50 years old or older. The contribution limits rise to $8,000 for those over 50.

Your later-in-life savings can still make a difference, even in your 60s and 70s. Working with a wealth advisor can help you determine how to make savings goals and take advantage of your benefits in retirement and beyond.

Jennifer Osgood is the President of Wagner Wealth Management, which has offices in Greenville, Anderson, and Oconee counties. Call us at 864-236-4706 or visit www.wagnerwealthmanagement.com to learn more.