65 is when you should take Medicare, but it isn’t your Social Security “full retirement age”
Many people are under the false impression that because age 65 is when you become eligible for Medicare, that is the same age at which you should apply for Social Security. And that is absolutely not true. For anyone claiming Social Security today, the Social Security “full retirement age”, the age at which you get 100% of the benefit you’ve earned from a lifetime of working, is somewhere between 66 and 67, depending upon the year you were born. By taking your benefits at age 65 you’re actually signing up for a permanent reduction in your Social Security payment, anywhere from 6.7% to 13.4% less. As explained in this Motley Fool article by Maurie Backman, don’t make the mistake of blindly applying for Social Security at the same time you enroll in Medicare, because it could be a very bad choice. Click here to read more.