It's Time For Medicare (whether I want it or not)

[Gale Hawkins]

Well I'm past when I could have started Medicare but I was covered by my wifes insurance so didn't bother. But I'm going to be dropping
her plan as they had some formulary plan changes and are not covering one of my meds now.
I'm researching it all now and with the Part "B" cost added to a supplemental and a part "D" that covers my current meds two of which are listed as tier 3 or 4 depending on the plan.
The supplemental plans are from$100 to $400 per month, then the Part D are $30 to $90 per month with the Part B at $158 per month so roughly $420 per month.
Also some of the advantage plans are PPO which function like the original medicare.
And I've still got to contact the VA and see how there coverage and prescriptions are now and see which of my current meds are on there list.

I am also covered on wife's employer policy so have never signed up for part B yet. Since I didn't start drawing until 70 I didn't get the free Part A for 5 years but didn't need it.

What I did not know was the wife could draw off of me until she turns 70 with out starting her own benefits since she was at Full Retirement Age when I turned 70. They signed her up for the free Part A as well. If she has been 70 days younger (born in 1954 or later) her drawing off of me would not have been possible.

Overnight our SS deposits hit our bank account reflecting the huge inflation factor.

Now I have to focus on staying alive to make sure my 4 year delayed benefits works out in my favor.

 

[LouNY]

I went out at 66 but my wife who's still working at 70.
We both have the part A cards.
She drew off her deceased husbands benefits till she turned 70,
and went on her own with our part B still being covered by her insurance.
Likely not for too much longer.

 

[Gale Hawkins]

When to retire is a numbers game for sure that varies all over the board. In my case being short on years for health and years in school. I checked at 62 and saw it didn't compute and by going to 70 my annual SS is $18K larger in my case. Still working enough to max my annual IRA contribution but get no paycheck. I was a late bloomer.

Longevity on average is higher the later one retires. Taxes on SS is not fun but there's things worse than taxes.

 

[ovrszd]

When to retire is a numbers game for sure that varies all over the board. In my case being short on years for health and years in school. I checked at 62 and saw it didn't compute and by going to 70 my annual SS is $18K larger in my case. Still working enough to max my annual IRA contribution but get no paycheck. I was a late bloomer.

Longevity on average is higher the later one retires. Taxes on SS is not fun but there's things worse than taxes.

My equation came to age 84. If I die before 84 I won drawing at 62. If longer than 84 I start losing.

At 84 I'll not care one way or the other. I started at 62.

 

[Gale Hawkins]

My equation came to age 84. If I die before 84 I won drawing at 62. If longer than 84 I start losing.

At 84 I'll not care one way or the other. I started at 62.

In my case I became a little too dependent on Social Security. :-(

In my case I'll be in the black at age 75 filling at age 70.

 

[KennyG]

My equation came to age 84. If I die before 84 I won drawing at 62. If longer than 84 I start losing.

At 84 I'll not care one way or the other. I started at 62.

For most people it's somewhere in the early 80s. My logic is a little different. If I don't make it to the break even point, I will not have needed it. If I live longer, I get the benefits. So I waited until the max age.

 

[ovrszd]

My logic is a little different. If I don't make it to the break even point, I will not have needed it.

My logic is a little different. If I don't make it to the break even point, I did not benefit from paying in all those years.

 

[Torvy]

My parents will both turn 90 this year. They both retired by 65. He retired for USAF (E-8). She worked as an RN, but maybe 15-20 years total. They have to work to dump money so the government doesn't take more. Neither of them expected to be around this long. All of my grands were gone by age 80.

We are retiring this year at 57. Will hold off on SS until 62, but I'd rather have it in hand than let Uncle Sam keep it.

 

[Gale Hawkins]

3 Reasons to Claim Social Security at 62 -- and 2 Reasons Not To | The Motley Fool

Claiming as early as possible could be a smart move, but it's not right for everyone.

www.fool.com

 

[Gale Hawkins]

A driving factor in my decision to not sign up until age 70 was at that point in time 4 years ago 5 years ago it was being assumed based and predicted by Social Security administration that there would need to be about a 20% cut and the gross payout and I wanted to try to make the number high enough so if that materialized I would still have the equivalent of retiring at 66.