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edjumakate me on turning 65....
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boog
Posted 10/5/2021 19:18 (#9254479 - in reply to #9254089)
Subject: RE: edjumakate me on turning 65....



I signed up for Medicare 3 months before I turned 65, waited till Full Retiremant Age to start Soc.Sec, actually the Jan after FRA. Check with your accountant as there is a provision that you may have to pay your SOC SEC back at tax time based on how much money you made during the year up to turning FRA. My case I would have had to pay all my Soc. Sec back that first year. By waiting till Jan to start collecting I avoided that provision. If you wait till reaching FRA there's no penalty on how much income you can make but you do have to pay taxes on a percentage of your social security income, my case 25%.

Many say wait til 70 to start drawing your soc sec benefits. That's not necessarily always true. Yes, your draw a higher benefit but you give up several years benefits while you wait. One thing if you start drawing at 65, or FRA, you'll be in line to receive COL increases on your benefits, cola increases don't apply if you wait, IN my case, I have been able to invest my benefits in investments paying more than what the increase in benefits would be if I waited. Health & age you think you'll live to needs to be considered., I had an uncle pass wait till 70 before starting to draw his soc sec benefits. He passed away a month before he turned 70 so didn't receive a dime of what he put in. He would have drawn over $90,000 if he'd started drawing at 65. In my case I figured I would have to be 82 to break even if waiting till 70 to start drawing benefits compared to starting at my FRA. Only 2 males in my paternal family have lived to reach 82 so I figured odds were against me, especially having diabetes since I was 45.

As for Medicare plans, I contacted my health insurance agent & they researched and found the best plans / company based on my medical / prescription needs. They did the same for my wife when she went on Medicare. The plans / company they selected for her were different than mine as our medical needs are different. I doubt if I would have had the time / knowledge to achieve the results they did. My cousin , who is a insurance agent started to select his & his wife's plan and ended up having the guys that did mine & my wife's do theirs. Added benefit having it done I didn't have to wade through all the bs mailings & phone call from salespeople trying to sell me on their company.
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