Turning 65 is a big deal. If 2022 is the year that you’ll be hitting this milestone, it’s important to know what to expect. So start planning that party because you have a lot to celebrate!
Here are some key points to keep in mind as you turn 65 years old.
1. You’re eligible for Medicare.
Medicare eligibility begins at 65, and you can even sign up for coverage three months before your birth date. You’ll want to enroll in Medicare on time because there are costly penalties that will make your Part B premiums more expensive if you don’t.
If you plan on signing up for Medicare, you’ll also need to select a Part D prescription drug plan as well. Even if you don’t take any prescription medications, it’s still worth having this plan. If you plan to join later, you’ll likely have to pay a late enrollment fee.
2. You can claim Social Security.
The earliest you can sign up for Social Security is 62, so if you’re turning 65, you may want to consider taking your benefits early. That said, waiting to claim your benefits until full retirement age (66 years) is often best, as this will allow you to get your full benefit.
Talk to your financial advisor in NJ about your options and when you should start claiming Social Security. If you’re still working and your retirement savings balance is strong, your financial planner will probably recommend waiting. But if you’re working less and need the income, you may find it best to take your benefits early.
3. You can keep working.
Some people retire at 65 years of age, but many don’t. In fact, 65 is no longer considered the full retirement age according to the Social Security Administration. By keeping your job, you can maintain your income and even receive group health insurance through your employer.
If you’re happy with your employer’s coverage, you can delay Medicare enrollment and avoid a late penalty. Or, you can sign up for Medicare Part A because it's generally free for enrollees. As secondary insurance, this can pick up the tab for hospital care that your primary insurance doesn't cover.
As you can see, turning 65 is a big year for Americans! Because everyone’s personal circumstances are different, it’s important to speak with retirement financial services in New Jersey. Leonard Financial Solutions will assess your current situation and the best ways to maximize your Social Security benefits.
Here are some key points to keep in mind as you turn 65 years old.
1. You’re eligible for Medicare.
Medicare eligibility begins at 65, and you can even sign up for coverage three months before your birth date. You’ll want to enroll in Medicare on time because there are costly penalties that will make your Part B premiums more expensive if you don’t.
If you plan on signing up for Medicare, you’ll also need to select a Part D prescription drug plan as well. Even if you don’t take any prescription medications, it’s still worth having this plan. If you plan to join later, you’ll likely have to pay a late enrollment fee.
2. You can claim Social Security.
The earliest you can sign up for Social Security is 62, so if you’re turning 65, you may want to consider taking your benefits early. That said, waiting to claim your benefits until full retirement age (66 years) is often best, as this will allow you to get your full benefit.
Talk to your financial advisor in NJ about your options and when you should start claiming Social Security. If you’re still working and your retirement savings balance is strong, your financial planner will probably recommend waiting. But if you’re working less and need the income, you may find it best to take your benefits early.
3. You can keep working.
Some people retire at 65 years of age, but many don’t. In fact, 65 is no longer considered the full retirement age according to the Social Security Administration. By keeping your job, you can maintain your income and even receive group health insurance through your employer.
If you’re happy with your employer’s coverage, you can delay Medicare enrollment and avoid a late penalty. Or, you can sign up for Medicare Part A because it's generally free for enrollees. As secondary insurance, this can pick up the tab for hospital care that your primary insurance doesn't cover.
As you can see, turning 65 is a big year for Americans! Because everyone’s personal circumstances are different, it’s important to speak with retirement financial services in New Jersey. Leonard Financial Solutions will assess your current situation and the best ways to maximize your Social Security benefits.
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