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Mistakes with Social Security will disrupt your retirement - Yahoo! Finance
Nobody likes to make mistakes, especially when it comes to Social Security which is the mainstay of financial comfort in your golden years. But, unfortunately, many senior unwittingly make wrong assumptions about Social Security, which can lead to considerable discomfort in your retirement. Fortunately, these mistakes are fairly easy to fix, if you know what they are, as discussed in this Yahoo! Finance article by Motely Fool’s Christy Bieber. Essentially, over estimating what Social Security will do for you, not considering benefits available to both marital partners, and assuming Cost of Living Adjustments will keep up with actual inflation are described in this article as key Social Security mistakes many make.
Social Security is a complicated topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…
I am 72, started drawing Social Security at 70. I work for the state of Colorado so I pay into PERA instead of social security. I have never “joined” Medicare or Part B. I am fully insured. I have been told that I will pay dearly by more than a few friends for this mistake when I do decide to retire. Is that true. My understanding is I have three months to get signed up for everything when my employment benefits stop. I have researched and it is clear as mud. Thank you for assistance.
Hi Deb, If you have creditable health insurance, you do not need to sign up for Medicare Part B or D until your coverage ends. Because you already receive Social Security, you are automatically enrolled in Medicare Part A. Once you stop working or lose health insurance, you have an 8-month Special Enrollment Period (SEP) to enroll in Part B. For Part D, you have only 63 days to sign up before risking penalties. The SEP begins when you stop working or lose insurance, even if you pick COBRA or other non-Medicare coverage. Confirm with your Benefits Administrator or Human Resources that your current insurance is creditable. Sincerely,
EM Cook
Social Security Advisor
AMAC Foundation
We are pleased to have the opportunity to serve you via the AMAC Foundation’s Social Security Advisory Service, a program we offer to the public free of charge. The AMAC Foundation is a 501(3)(c) non-profit organization, operating completely on financial contributions from the public. To learn more about the Foundation and the programs we provide, or to contribute to the Foundation’s mission, visit our website: http://www.AmacFoundation.org. Also, please note that we conduct periodic surveys of people we have served to help ensure that we are providing the highest level of quality. These surveys are done via separate email contact, and are very brief. Your participation is important and much appreciated! If you prefer that we do not include you, please let us know and we’ll exclude your email address from the survey list.
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