I'm turning 65 and about to retire. Should I now take Social Security?"
Age 65 has been linked with retirement for so long that it's easy to think several things are supposed to happen at once:
Retire.
Enroll in Medicare.
File for Social Security.
But turning 65 doesn't mean you have to claim Social Security. If you're still working, you can continue at your job and wait to claim your benefit.
But if you retire at 65, that still doesn't mean you have to immediately claim Social Security. Your monthly benefit can continue to increase if you wait.
Retirement, Social Security and Medicare are three separate decisions. They don't have to happen at the same time.
Medicare does deserve your attention when you're approaching 65. If you're still covered by an employer health plan, the enrollment rules depend on your specific situation. That's one deadline you don't want to simply ignore because you're still working.
Social Security is different. A lot of Americans want to take Social Security as soon as possible, generally at age 62.
“Maybe it won't last.”
“I want my benefit as soon as possible.”
“I paid into the system and now I want it to pay me.”
All three may have some validity. Rather, I ask “When do you need Social Security the most?"
Your 65th birthday doesn't make that decision for you.
If this topic is on your mind and you're trying to plan retirement, text or call me at 513-434-1930.