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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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.