Anonymous wrote:

Anonymous wrote:your monthly social security benefit goes up 8% for each year you wait to claim. You won't get that kind of guaranteed return anywhere else. So unless you have a life-shortening illness or a family history of dying in your 60s or 70s, I would wait as long as you can to claim, and use other resources to "pay it forward" like income from a part-time job if you want one, or from any other savings or income.

That's a good point and DH may care about that. I just like the notion of getting a monthly check, banking a third of it, and dispersing the other two-thirds to folks who could use it.

I just did the SSA calculator and there would be a grand difference if I waited till 70. That's not small.

Anonymous wrote:your monthly social security benefit goes up 8% for each year you wait to claim. You won't get that kind of guaranteed return anywhere else. So unless you have a life-shortening illness or a family history of dying in your 60s or 70s, I would wait as long as you can to claim, and use other resources to "pay it forward" like income from a part-time job if you want one, or from any other savings or income.

That's a good point and DH may care about that. I just like the notion of getting a monthly check, banking a third of it, and dispersing the other two-thirds to folks who could use it.

your monthly social security benefit goes up 8% for each year you wait to claim. You won't get that kind of guaranteed return anywhere else. So unless you have a life-shortening illness or a family history of dying in your 60s or 70s, I would wait as long as you can to claim, and use other resources to "pay it forward" like income from a part-time job if you want one, or from any other savings or income.

Anonymous wrote:Why don't you take both at 65?

I was clear about 65 for Medicare, but should have also been explicit about Social Security in my OP. The earliest I would draw down for SS would be 65. I am thinking if I filed for it @ 65, I could spend 3-5 years "paying forward" to people in need from part of my monthly check. When DH retired, I would probably stop as that would be part of our monthly income.

I've just always assumed I would wait as long as we could manage, but started thinking about this possibility over the last month or so.

Why don't you take both at 65?

For calculating social security, you can run your scenario through this calculator. it will factor in two social security incomes, ages, etc and give you an answer about what might maximize.

https://opensocialsecurity.com/

Anonymous wrote:Medicare doesn’t kick in to age 65. There is a window to apply starting 3 months before your 65th birthday going to like 8 months after. The website is contradictory as to whether you will be financially penalized for missing the window. At one place it implies that you can wait if you have private insurance where another says you must apply within that window. If you do have other insurance educate is likely not the primary payor.

Yes, I indicated I wanted to figure out my options over the new few years in order to be ready to enroll or delay - as makes sense - when I reach/near 65.

Anonymous wrote:I haven’t used it yet, so this is less a recommendation than a FYI. I think each state has State Health Insurance Programs (SHIP) that provide educational resources. In Montgomery County, JCA provides this service.




https://www.shiphelp.org/

https://medicareabcd.org/about-ship/

https://accessjca.org/navigate-medicare-with-ship/

Thanks

I haven’t used it yet, so this is less a recommendation than a FYI. I think each state has State Health Insurance Programs (SHIP) that provide educational resources. In Montgomery County, JCA provides this service.




https://www.shiphelp.org/

https://medicareabcd.org/about-ship/

https://accessjca.org/navigate-medicare-with-ship/

Anonymous wrote:

Anonymous wrote:Medicare doesn’t kick in to age 65. There is a window to apply starting 3 months before your 65th birthday going to like 8 months after. The website is contradictory as to whether you will be financially penalized for missing the window. At one place it implies that you can wait if you have private insurance where another says you must apply within that window. If you do have other insurance educate is likely not the primary payor.

I don’t understand the last part of your last sentence.

Should say Medicare not educate

Anonymous wrote:Medicare doesn’t kick in to age 65. There is a window to apply starting 3 months before your 65th birthday going to like 8 months after. The website is contradictory as to whether you will be financially penalized for missing the window. At one place it implies that you can wait if you have private insurance where another says you must apply within that window. If you do have other insurance educate is likely not the primary payor.

I don’t understand the last part of your last sentence.

Medicare doesn’t kick in to age 65. There is a window to apply starting 3 months before your 65th birthday going to like 8 months after. The website is contradictory as to whether you will be financially penalized for missing the window. At one place it implies that you can wait if you have private insurance where another says you must apply within that window. If you do have other insurance educate is likely not the primary payor.

Here are my thoughts about Medicare.

If you have health insurance through your husband's workplace, you can usually keep that insurance then enroll in Medicare later. But you should read up on the rules about that. https://www.medicare.gov/basics/get-started-with-medicare/sign-up/when-can-i-sign-up-for-medicare

So if your husband's company health insurance is a better deal then Medicare, I'd say stay with that as long as you can. But Medicare might be a better deal than his insurance.

If you are going with Original Medicare, you might consider a Medigap plan, which is supplemental insurance to cover some out of pocket costs. And then add a Part D plan to cover prescription drugs.

The Medicare website and AARP both have good info about the basics of Medicare.

Personally I plan to go with Original Medicare and Medigap plan G and a Part D plan for drug coverage.

I would definitely talk to a savvy financial advisor. My layperson's understanding is that you should always delay taking SS for as long as possible.

You may have another 20-30 years to live and you may very well outlive your spouse, even though he is younger. You don't know what will happen with your spouse and his job; if you don't need it now, don't take it. And talk to your financial advisor about the level of giving you can afford, both out of current income and in planning for the future.

I'm going to be 62 in May and realize I should start thinking about this.

Regarding Social Security, I've been out of the paying workforce for eight years and DH is about 4 years younger than me. He plans to work for at least four more years and perhaps longer, though the remuneration may drop if he moves out of an executive role. While we are doing very well financially, my inclination is always conservative, e.g., draw Social Security as late as possible to receive the maximum monthly amount.

But maybe I shouldn't think about it that way. Perhaps I should start drawing down as soon as I can, bank some of it monthly, and pay it forward with the remainder. I would love to make anonymous donations to many folks in my life who have and do struggle financially.

Turning to Medicare, do I stay on our family insurance when I turn 65 (is that the age?) or do I pivot to Medicare? And what do I need to know? I've heard that the Advantage plans are not great, so better to keep with regular Medicare if you can swing the premiums (and I'm able to do so).

Are there folks with whom I can discuss these matters?