What to know about Medicare before retiring

Planning for retirement involves preparing far in advance of an actual retirement date. Retirement benefits include social security payments and Medicare benefits which are managed by The Centers for Medicare & Medicaid Services.

Planning for retirement involves preparing far in advance of an actual retirement date. Retirement benefits include social security payments and Medicare benefits which are managed by The Centers for Medicare & Medicaid Services.

Deciding when to retire depends upon several key factors:

• Your full retirement age (FRA)
• Your work goals now and later
• Your overall financial picture
• Your current health situation

Since 1983, the laws have changed regarding the full retirement age. For people born in 1960 or later, the full retirement age is 67. For those born in 1938 or later, the age increases for every birth year.

Why does age matter? If you continue to work until your full retirement age, your social security benefit will be the maximum amount. The earlier you stop working, the amount of the benefit decreases.

Here’s a quick glance at how age changes social security benefits. 

On the other hand, Medicare follows different rules. Anyone over 65 qualifies for Medicare retirement benefits but it’s essential to understand all the facts about Medicare before you reach your 65^th birthday.

• Medicare consists of 4 parts: Part A, B, C, and D. Most people are automatically enrolled in Part A when they turn 65. However, you’ll need to understand the different parts and what they offer.

• Medicare consists of 4 parts: Part A, B, C, and D. Most people are automatically enrolled in Part A when they turn 65. However, you’ll need to understand the different parts and what they offer.

• You can make changes to any of your Medicare Advantage plans during an annual open enrollment period that runs from October 15^th to December 7^th. Explore more details and facts about the enrollment process at www.cms.gov..

Related articles:

• Medicare 101
• Preventative care benefits for Medicare members
• Medicare enrollment: know your ABCs and Ds
• 5 common retirement planning mistakes

Content contained on this page is for informational purposes only and does not constitute medical advice. Consult your health care provider before beginning any new fitness or dietary plan. References provided are for informational purposes only and do not constitute endorsement of any websites or other sources. Should you have any health-related questions, you should contact your health care provider.

Source:

• https://www.ssa.gov/pubs/EN-05-10070.pdf
• https://www.fool.com/retirement/social-security/full-retirement-age/
• https://www.medicareresources.org/faqs/are-there-specific-steps-i-should-take-to-prepare-for-enrollment-in-medicare/
• https://www.medicaresupplement.com/articles/10-facts-about-medicare/
• https://www.cms.gov/newsroom/fact-sheets/marketplace-2022-open-enrollment-fact-sheet