5 Replies Latest reply on Apr 26, 2014 12:53 PM by BoBraxton

    Social Security

    Aries327
      If I decide to start collecting Social Security Benefits @ age 69,
      I realize my benefit will be slightly lower than if I wait until age 70,
      but will my Medicare premium be deducted from my benefit check or will I continue to be billed as I continue to be employed f/t?
        • Re: Social Security
          MyR Community Manager
          Aries327, thank you for creating a new discussion thread! We appreciate and enjoy your participation in the MyRetirement.org online community and look forward to your future contributions.  
          • Re: Social Security
            Peter_Loux
            My understanding is that you will have medicare taken from your salary until you retire altogether. You will pay for medicare when you take it and Part A will need to be paid for as you go, B, C, and D are extra, but there is a prorated payment depending on your prior years income from a line on your 1040. 
            I am  65 and taking Medicare A,B,C, and D. But have elected to wait for Social Security until I turn 70 because my wife is only 60 and we plan on switching benefits and letting her take my SS. Should help her as her life expectancy should be longer. 
              • Re: Social Security
                yanushkevich
                Yes you should start paying your Medicare premiums as soon as you turn 65.Many employers actually kick you out of their health plans as soon as you turn 65, because they don't want you to have both.
                 
                As far as waiting past age 62 to collect social security, I took a different approach.  I took mine early, first because I thought there might be a means test later on (Meaning people who had solid retirement benefits would be kicked out of social security) and I wanted to be grandfathered.  Second and perhaps more important, I felt my investment would give me a better return than if I had waited to age 70.  Maybe I was lucky, but my hunch proved right, and my IRA growth more than made up any foregone social security benefit.
                 
                No one mentions this, but I feel it is important and wanted to bring this up.
                 
                I am not giving any specific numbers, don't want to cross the line as far as forum guidelines.  Just take my word for it, my decision was the right choice for me by a long shot!
                  
              • Re: Social Security
                pal007
                For persons receiving social security benefits, if they are eligible for medicare, the premiums are deducted from the benefit check each month.
                It appears that you are already paying medicare premiums, you need to be aware that your SS benefit check may increase your income level  and put you in a higher medicare premium payment requirement.
                 
                FICA and medicare deductions continue on your regular employment check.
                Your social security benefit will increase annually based on your past year earnings in addition to any COLA adjustments you may receive.
                 
                When to take SS benefits depends on individual circumstances, there is no answer that is suitable for everyone.