If you’re delaying receiving Social Security benefits until you’re 65 or older, then proceed as follows. When the time comes, you’ll need to enroll in Medicare by contacting Social Security. If you have health insurance through your employer and are employed, you may want to wait to enroll in Medicare as soon as you are eligible.
Understanding Your Options and Making Informed Decisions
Making the transition to retirement is a significant milestone, and navigating the Social Security system can be a complex process. This guide aims to provide clarity on when and how to apply for Social Security retirement benefits, considering your employment status and desired retirement timeline.
Key Considerations: Working vs. Retiring
Your decision to continue working or fully retire will significantly impact your Social Security benefits and Medicare enrollment. Let’s explore the different scenarios:
Scenario A: Working and Receiving Benefits
- You can choose to start receiving benefits before reaching your full retirement age, but your benefits will be reduced.
- Your earnings may affect your benefit amount if they exceed the yearly limits before reaching full retirement age.
- After reaching full retirement age, your benefit amount will be recalculated to include any months you didn’t receive benefits due to earnings.
- You’ll automatically be enrolled in Medicare (Part A and Part B) upon turning 65.
Scenario B: Retiring and Receiving Benefits
- If you choose to stop working and start receiving benefits before full retirement age, your benefits will be reduced.
- Your benefits won’t increase due to additional earnings after retirement.
- Your benefit calculation will be based on your highest 35 years of earnings, which may be affected if you have fewer than 35 years or low earnings in some years.
- You’ll automatically be enrolled in Medicare (Part A and Part B) upon turning 65.
Scenario C: Working and Delaying Benefits
- If you continue working and delay receiving benefits until after full retirement age, your benefits will increase for each month you delay, up to age 70.
- There’s no incentive to delay filing after age 70.
- Continuing to work may increase your benefits by replacing years of lower or no earnings with your current higher earnings.
- You’ll need to apply for Medicare (Part A and Part B) three months before turning 65.
Scenario D: Retiring and Delaying Benefits
- Delaying benefits can be advantageous if you have other income sources.
- Your benefits won’t increase due to additional earnings after retirement.
- Your benefit calculation will be based on your highest 35 years of earnings, which may be affected if you have fewer than 35 years or low earnings in some years.
- You’ll need to apply for Medicare (Part A and Part B) three months before turning 65.
Applying for Social Security Retirement Benefits
The easiest and most convenient way to apply for retirement benefits is online through your personal my Social Security account. You can also apply by phone at 1-800-772-1213 or by visiting your local Social Security office.
Important Reminder:
Even if you’re not ready to retire, you should still sign up for Medicare three months before your 65th birthday.
Additional Resources:
- Apply for Retirement Benefits: https://www.ssa.gov/benefits/retirement/apply-for-benefits.html
- Medicare: https://www.ssa.gov/benefits/medicare/
Making Informed Decisions for Your Future
By understanding your options and carefully considering your circumstances, you can make informed decisions about when to start receiving Social Security retirement benefits and ensure a smooth transition into your golden years. Remember, consulting a financial advisor can provide personalized guidance tailored to your unique financial situation.
Step 1: Get answers
It’s critical to comprehend the various aspects of Medicare, when to enroll, and how it operates.
Step 2: Preview your coverage options
Original Medicare and Medicare Advantage are the two primary options for obtaining Medicare coverage. Before you decide, read through this section to learn about your options and determine what’s best for you.
Do I Automatically Get Medicare When I Turn 65?
FAQ
Does Social Security automatically send you a Medicare card when you turn 65?
Do you have to do anything with Social Security when you turn 65?
When should I contact Social Security for Medicare?
Is it mandatory to go on Medicare when you turn 65?
Can I delay filing for Social Security benefits after age 70?
There is no incentive to delay filing for your benefits after age 70. Continuing to work may also increase your benefits, because your current earnings could replace an earlier year of lower or no earnings, which can result in a higher benefit amount.
When should I apply for Social Security if I’m 65?
Instead, you apply for Social Security when you want your benefits to start, which could be as early as age 62 or as late as age 70. If you’re already receiving Social Security benefits when you turn 65, you’ll be automatically enrolled in Medicare — no need to let Social Security know that your birthday is coming.
What if I don’t receive Social Security benefits when I turn 65?
If you are not receiving your Social Security benefits when you turn 65, you will need to apply for Original Medicare (Part A and Part B) three months before you turn 65. If you don’t sign up for Medicare Part B when you’re first eligible at age 65, you may have to pay a late enrollment penalty for as long as you have Medicare coverage.
Do I need to notify social security if I’m 65?
You don’t need to notify Social Security that you’re turning 65. Instead, you apply for Social Security when you want your benefits to start, which could be as early as age 62 or as late as age 70.