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Maximizing your Medicare and Social Security benefits
Lee Barney’s piece details some concepts to keep in mind in making two of the most important financial decisions of one’s lifetime– when to take Social Security and Medicare. In a nutshell, one should strive for 35 years of income and delay Social Security benefits as long as one is able (to age 70). With Medicare, you become eligible during a seven month window, which includes three months prior, the month of and three months after your 65th birthday. Monthly premiums could increase by 10% annually for every 12-month period of delay in signing up for Medicare Part B. For those still working at age 65 with employer coverage, you are generally not required to file, but when you stop working, you need to apply immediately. Read more detailed information here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
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.