Happy birthday! In 2025, a record 4.18 million Americans reached age 65 (the absolute peak of the "Peak 65" phenomenon), with an average of 11,400 turning 65 each day. This surge continues into 2026 as part of the ongoing Peak 65 Zone, with numbers remaining high around 4.1 million annually and over 11,000 daily, driven by the tail end of the baby boomer generation.
As you might know, 65 is the age at which you first become eligible for Medicare.
It's a great time to consider the changes that will come to your life, affecting your finances, your health and general physical well-being. You might also want to take advantage of some perks that come with age.
Here are 10 things to know:
1. A wave of retirees
America’s older population increased 1,000% from 1920 to 2020, with one in six people now 65 or older. The U.S. Census Bureau calls it the “gray tsunami.”
Although some retirees are re-entering the workforce and "unretiring," many people are leaving the job behind, and many more are requiring caregiving.
The aging of this population will affect everything from the ability to maintain Social Security funding to investments, taxes and health care resources. It will also require funding for emergency services, senior centers and more.
The country is already experiencing shortages in nursing home staff and home caregivers, something only expected to worsen.
Solution? Plan ahead. If you're relocating, look for quality healthcare nearby. If you're retiring in place, research long-term care facilities in your area and take a hard look at your retirement portfolio.
2. The senior moment
When did 65 become the entry into senior citizenship? Part of the answer lies in the creation of Social Security in 1935, when the average life expectancy was just under 60, and people were suffering through the Great Depression.
Germany had set the stage when it became the first country in the world to adopt an old-age social insurance program in 1889, initially setting the retirement age at 70, lowering the age to 65 in 1916.
The U.S. government’s Committee on Economic Security, which designed Social Security, noted that retirement ages in the 30-then-existing state pension systems and the few private pension systems either used 65 or 70 as the retirement age.
Lawmakers then settled on 65 as the U.S. retirement age. It stayed that way until Congress overhauled the system in 1983 and gradually raised the full retirement age (FRA) to 67 for those born in 1960 or later.
In the last few years, various political groups and think tanks have proposed raising the Social Security retirement age, but no legislation to raise the FRA beyond 67 exists for 2026.
Read: Eight Strategies for Deciding When to File For Social Security
3. You’re probably already retired
It’s not as if a lot of people are actually waiting around for their 67th birthdays before retiring. According to Gallup, the average age people retire has been going up in the U.S., but it’s not yet even reached 65.
In 1991, the average adult reported retiring at age 57. However, the current average retirement age varies slightly depending on the source, but generally is somewhere from 61 to 64.
In recent years, however, there has been a resurgence of older adults over the age of 55-plus returning to the workforce.
In late 2025, 38.1 million workers age 55 and older were employed in the U.S., according to the latest data from the Census Bureau, reported in AARP's August 2025 Employment Data Digest. Roughly 11.5 million (or about 30%) of the 38.1 million employed workers are aged 65 and older, with the remainder (around 26.6 million) in the 55–64 age bracket.
4. Scammers have you in their sights
We’ve all heard about the fake grandchild calls where the con artist poses as your grandson or granddaughter and asks for financial help. These scams continue to happen today, with many AI-generated and difficult to spot.
The Justice Department recently announced that it charged 25 people from Quebec, Canada, for allegedly participating in a "Grandparent Scam" that defrauded elderly individuals out of over $21 million in Vermont and more than 40 other states. According to the FTC's Protecting Older Consumers 2024-2025 report (pdf), released December 2025, older adults reported $2.4 billion in total fraud losses for 2024 alone (the latest data available).
The most common financial scams include tax scams, where, for example, a con artist poses as an IRS agent demanding payment. Once you respond, the scammer will ask for personal information such as your bank account and Social Security Number.
There are sweepstakes scams where the caller tells you that you have won, but before you can get your winnings, you must send cash or gift cards.
Advice? If you're not certain a scam is really a scam, ask for a phone number so you can return the call, or reach out to a family member for advice. And, never send cash or give your credit card number over the phone.
5. Ageism is real
Two-thirds of workers age 50 and older reported seeing or experiencing age discrimination in the workplace, and 22% of workers age 50 and older said they feel as if they're being pushed out of their job, according to a 2025 AARP Survey.
AARP offers help to people already on the job and those looking for a job after 65, including courses in how to avoid discrimination.
If you believe you've been discriminated against due to your age, you can file a complaint with the Equal Employment Opportunity Commission. However, consider going through your company’s grievance process first. Keep thorough records of all alleged discrimination.
Read: Best Jobs for Retirees
6. Plan to take more (prescription) drugs
People 65 and older take prescribed medications more frequently than any other U.S. age group, says the Marcus Institute for Aging Research.
Nearly 90% of older adults take at least one medication, with more than half reporting taking four or more prescription drugs. The most commonly used medications among the 60-to-79 age group are lipid-lowering drugs, antidiabetic agents and beta blockers.
But taking too many drugs can lead to safety concerns, carrying dangers such as increased drug interactions, falling and frailty among patients. It can also lead to something known as drug-disease interactions, where a medication prescribed to treat one condition worsens another or causes a new one.
This has led to an evolving field of research known as "deprescribing". Scientists and doctors are searching for ways to cut back on prescription drugs to help patients.
“Americans pay too much for prescription drugs because middlemen profit from a system patients can’t see,” said HHS Secretary Robert F. Kennedy, Jr.
The HHS announced this past January that it is helping clear a path for lower-cost prescription drugs through direct-to-consumer programs, and the Trump administration is increasing transparency, lowering costs, and expanding access through TrumpRx.
7. You’re not imagining all those new aches and pains
Among the changes to expect to your body, according to the Mayo Clinic, are stiffening blood vessels, weakening bones (creaking bones, anyone), structural changes in the large intestine and bladder, and possible minor effects on your thinking skills and your ability to multitask because of the aging of your brain.
You're more likely at 65 or older — especially women — to develop one or more chronic conditions, such as asthma, cancer or arthritis.
But not all is lost. Read: Aging Well: 10 Things You Should Know
8. But there are also plenty of perks
Most major grocery store chains offer senior discount days, and tons of restaurants offer early-bird specials for older adults. Dunkin', Chili’s, Red Lobster, Tim Hortons, Einstein Bros. Bagels and Panera Bread all have membership rewards programs for people 65 and older, so you can earn free food and meal discounts.
Amtrak offers 10% discounts on most fares when you turn 65.
You can also get a lifetime Senior Pass for national parks for just $80, the cost of an annual pass for anyone else. Some cruise lines offer senior discounts. You can score a lower price at AMC movie theaters.
Read: These Eight Tips From a Retirement Expert Can Help to Make Your Money Last Through Retirement
9. You get a break on your income taxes
You get an extra standard tax deduction from the Internal Revenue Service, just for starters.
For 2025 (returns normally filed in 2026), the new standard deduction is $15,000 for single filers, or those married filing separately, $30,000 for married couples filing jointly, and $22,500 for heads of household. In 2025, the extra standard deduction for those 65 and older is $2,000 if you are single or file as head of household, and $1,600 if you're married, filing jointly or separately.
For 2026 (returns normally filed in 2027), the standard deduction increases to $16,100 for single filers or those married filing separately, $32,200 for married couples filing jointly, and $24,150 for heads of household. The extra standard deduction for those 65 and older rises to $2,050 if single or head of household, and $1,650 per qualifying spouse if married filing jointly or separately.
Some states offer tax exemptions for people 65 and older. Maryland, for example, offers an additional $1,000 exemption on its state return for being 65 or older. If you have a dependent 65 or older, you can get an extra exemption of up to $3,200. Most states offer property tax relief programs for older adults, but you might need to meet income requirements.
10. Heading into the home stretch
Like the man said: “Get busy living or get busy dying.” However you slice it, accept that you’re closer to your expiration date than your birth date. A 65-year-old male can expect to live another 17 years, says the Social Security Administration. A woman can expect to live almost three years longer.
“Contemplating death can be psychologically beneficial,” writes psychologist Noam Shpancer in Psychology Today(2021). “Conscious death awareness” can lead to evaluation and adjustment of your personal goals, he says. “Accepting loss, and by proxy, death, thus enables full-tilt living.”
Note: This item first appeared in Kiplinger Retirement Report, our popular monthly periodical that covers key concerns of affluent older Americans who are retired or preparing for retirement. Subscribe for retirement advice that’s right on the money.
