Benefits Planner: Retirement 


Other Things to Consider 
What Is The Best Age To Start Your Benefits? The answer is that there is no one " best age " for everyone and, ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your individual and family circumstances. Your monthly benefit amount can differ substantially based on the age when you start receiving benefits. If you decide to start benefits : before your full retirement age , your benefit will be smaller but you will receive it for a longer period of time. at your full retirement age or later , you will receive a larger monthly benefit for a shorter period of time. The amount you receive when you first get benefits sets the base for the amount you will receive for the rest of your life. You may want to consider the following when you make that decision : If you plan to continue working , there are limits on how much you can earn each year between age 62 and full retirement age and still get all your benefits. Depending on the amount of your benefit and your earnings for the year , you may have to give up some of your benefits. If your earnings will be high , you may decide to wait until full retirement age to start your benefits. Once you reach full retirement age , there is no limit on how much you can earn. Reminders : After you reach full retirement age , we recalculate your benefit amount to give you credit for any months in which you did not receive a benefit because of your earnings. When additional earnings appear on your record , we check whether they will increase your monthly benefit. If they do , we will send you a letter telling you your new benefit amount. You can apply for just Medicare at age 65 and start receiving retirement benefits later. When you think about retirement , be sure to plan for the long term. A man who turned 65 in 2014 can expect to live about another 19.3 years. A woman who turned 65 the same year can expect to live a

user: Hi, I am looking for information regarding the planning of benefits upon my retirement

assistant: Have you considered all the things that may be applicable to your personal situation?

user: No, I am unsure of all the different things that may be considered for my own personal situation

assistant: Are you looking to apply for Medicare?

user: Yes, if I qualify for that particular benefit

assistant: One thing to remember in relation to Medicare is that it starts when you reach the age of 65 

user: Is there a way for me to delay the start of my benefits under Medicare?

assistant: You can indeed, but remember that you will have to contact Social Security about 3 months before you turn 65 to check about applying for Medicare

user: Should I apply for Medicare even if I have health insurance through my employer?

assistant: In this instance, you should still check to see if you should apply for Medicare as some health insurance plans change automatically when you turn 65 years of age

user: What happens if I don't sign up for Medicare even if I need to?

assistant: In this scenario, your Medicare coverage may be delayed and cost more. I would advise you to consult our general and special enrolment period information on page 12 of our Medicare booklet, which will explain in detail what may happen if you delay this particular benefit