Navigating Social Security and Medicare at 65
Weighing Early Access to Benefits Against Long-Term Financial Social Security
According to the Motley Fool, reaching age 65 brings a big decision about Social Security for many Americans. At 65, you’re in the middle not too early, and not at full retirement age. This age marks eligibility for Medicare which helps with healthcare costs but it also means thinking about when to start getting Social Security money. Starting early means smaller monthly payments while waiting can mean more money each month.
At 65, you can start using Medicare which helps with healthcare costs. But if you take Social Security early your monthly payments are smaller. Experts suggest waiting until full retirement age or later for larger payments. Some prefer early benefits for early retirement despite smaller payments. It’s a choice between immediate benefits and bigger payments later. Advice from a financial expert can guide your decision for a secure retirement.
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65 and the Social Security Dilemma: Balancing Medicare Access with Monthly Payments – Check It Now! (PHOTO: National Affairs)
Balancing Immediate Needs with Long-Term Financial Social Security
Furthermore, deciding when to start getting Social Security at 65 isn’t just about now. It’s about making sure you’ll have enough money for the future too. Starting early might help with healthcare costs through Medicare but it means you’ll get less money each month. Waiting means more money every month which can be better for your long-term finances. It’s important to think about what’s best for you in the long run and maybe get advice from someone who knows about money.
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