Take Medicare at 65 but maybe wait on Social Security
Maurie Backman of The Motley Fool answers the important question about whether one should take Social Security benefits at the same time as signing up for Medicare with an, “it depends.” Unless working and covered by an employer’s health care plan, one should sign up immediately (or even up to three months before) for Medicare at age 65. Waiting longer risks premium increases and penalties. But waiting to claim Social Security benefits until up to age 70 comes with a higher monthly benefit, and makes sense unless one needs the money or is otherwise in poor health at age 65. Read the full article 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.