Posted on 11/16/2019 3:43:24 PM PST by Openurmind
One of the most important decisions you'll have to make as you approach retirement is when to start Social Security benefits. The soonest you can begin claiming is 62, which remains the most popular age to start. It's not necessarily the wrong choice -- you'll still get a sizable amount of money over your lifetime -- but it might not be the best option if you're interested in maximizing your benefits. Here's a closer look at how the age you begin Social Security affects the size of your checks.
(Excerpt) Read more at fool.com ...
“If you want to change a law with which you don’t agree, by all means, Go for it.
But, as the law stands, it would be useful here if you explained your objection.”
I have no clue where you got that from??? Red Badger?
I have no objection myself, but for those who are retiring with company retirement benefits this could make a difference to those company benefits and health insurance? I honestly don’t know how that would work. But I am indeed going to get it because I have been self employed most my life and will not be getting any company benefits.
-PJ
“ Just did the calculations for each retirement age. If you live until 80, there is only about a 3% lifetime difference between taking it at 62 and waiting until 67.”
Thanks.
And if that money is invested, I’m guessing you’d be ahead.
Source please? I’m sooooooo there!
“ But, why would you fail to sign-up for Medicare at 65, since it costs you nothing?
It’s not free...
I got it from your 93, where you said ‘f you do not sign up for the minimal medicare at 65 you will forfeit your other SS benefit income.’
Am I mistaken as to your post 93?
Um...I think, as the system works, you’ve already paid for it.
You may object to the entire Social Security System, on ideological grounds; I’m just trying, from my own experience, to help people navigate it.
4 later
You have to be born between certain dates to do this.
What are these dates?
In that case, the earlier, the better.
Thanks
Medicare for my husband, easy as pie, Medicare for me, a mess, took several months. SS for husband, once again easy, SS for me. I have an appointment for 1/6/20 although the SS office said the application date will be counted as 10/24/19.
For some reason the online site hates me and they lock me out. I did all my husband’s stuff online...no problem.
The crazy thing is I applied for Medicare online and then got locked out but when I finally got it 6 months later I had to pay the premiums from the day I applied. I guess if I’d had expenses for that time the bills could have been submitted though.
Well, thank you!
That is good info to know. I have Type 1 Diabetes and Chronic Kidney Disease. Do I need to have my doctor attest to my condition?
I didn’t say anything about wanting to change it, or that I wasn’t happy with it. Didn’t have an opinion at all. I was just merely sharing the information that I had just went and researched with you both concerning that discussion and Red Badger’s curiosity.
Perhaps I wasn't clear.
I am saying if the difference between claiming early and at full time is just 3%, then if you invest your SS you will come out ahead of waiting.
Well, I don’t know what your impulse was; but your post at 93 misrepresented things.
Here’s another ‘MotleyFool’ link that explains things. Pay special attention to “not signing up during your initial enrollment period could end up costing you a higher Part B premium — for life.”
But that is mitigated by:
“When you still have health coverage at 65”:
https://www.fool.com/retirement/2018/04/05/must-i-sign-up-for-medicare-at-65.aspx
I was working when I turned 65, and am still working. When I cease to work, I will either enroll in the further medicare coverage, or stay on my husband’s insurance through his employer.
Why would anyone who has paid into SS throughout their life, not want to apply for Medicare at 65?
I’m sorry if I misunderstood you; but I agree in principle.
I could have waited until 70 - or 72; it’s only 4 to 6 years away. but I figured that I could do more with the money here and now - for myself, my husband, and my other loved ones.
You never know what’s going to happen or how much time you have. And the ‘Great God Government’ is never going to do with your money what YOU might be able to do with it.
Mine was very reasonably priced. I think it is or was about $80 per month. Since qualifying then I have spent about six thousand on Medicare. My supplemental policy and the Part D policy are about $300 per month. Since qualifying for Medicare that would be about $20k. That's about $26k since I turned 65.
The year after I qualified for Medicare I had a medical crisis (pneumonia with a minor heart attack; two days on a ventilator, given up for dead), quadruple bypass, and cancer surgery. That year Medicare and our supplemental insurance covered about a million dollars in medical bills.
In the years since, my medications have totaled another $350k, covered by my Part D prescription policy.
So far this year I think I have had three CAT scans, one PET scan, three echo cardiograms, one pulmonary function test, and probably several others that don't immediately come to mind.
Since I was able to find a drug company sponsored foundation to pay my co-pays for the drugs, I ended up spending almost NOTHING for all these benefits above the couple hundred a month for the Medicare supplemental policy and the Part D policy paid by my former employer.
Without this coverage, we would have been practically wiped-out and would probably be living on reverse-mortgage money.
My advice to all is to plan for the worst and hope for the best. Get insured and stay insured. Despite the ugly description above I'm still upright and enjoying life. I keep in mind that at any time I could have another bad year. If I survive it I won't be broke.
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