Social Security benefits are an important part of retirement, but many people wait too long to file for them. While it can be tempting to take advantage of early retirement benefits, this strategy can result in lower payments in the long run. In fact, waiting until the age of 70 will provide you with benefits that are 30 percent higher. Then again, everyone’s financial situation is different. If you’re considering waiting to claim benefits, you should first decide on your financial situation. Approaching 65
How to Prepare For It
If you’re still working, you may want to review your finances and determine if you’ll have enough money to live comfortably after retiring. If you’re still interested in keeping your job, you can always look into Medigap supplemental insurance policies. These policies are sold by private insurance companies to supplement Medicare coverage. You can also consider spousal IRAs if your spouse is eligible. If you’re still working, it may be a good time to start saving for your retirement.
You can also ignore the mandatory enrollment period if you’re still working. You can stay on the same health plan as before, unless your spouse has left the company. This is called a Special Enrollment Period. If you’re still working after 65, you can continue to receive health coverage through your spouse’s employer’s health insurance plan. You can even keep your job-based health insurance even after retirement and get drug coverage through your private insurance company.
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