Social Security & Medicare: What You Need to Know

If you’re recently retired or planning to retire soon, you’ve likely thought about Social Security and Medicare. With so much information out there, sometimes it’s hard to know where to start. That’s why we want to share some of the basic information you need to know about these federal insurance programs.

Social Security

One of the major benefits of Social Security is that it serves as a predictable, steady and inflation-adjusted income that lasts the rest of your life. The checks roll in like clockwork. It’s just like having a career, only your job now is to just enjoy your golden years.

So who’s eligible for these benefits? Retirees, of course, but also the spouses of retirees have special options available, widows and widowers, and even surviving children under special circumstances can also be eligible. There are other extenuating circumstances as well.

There are over 500 Social Security options available when you file for benefits. You can file early for a lesser benefit, file at FRA (full retirement age) for full benefits or even file later than FRA for increased benefits. There are options to file on your spouse’s record or even an ex-spouse’s record. Which option or options are best for you depends on your individual situation.

Medicare

With Medicare, you can enroll at age 65 or when you no longer have work coverage, whichever comes later. Keep in mind, unless you opt out, if you’re receiving Social Security benefits at age 65, you’ll automatically be enrolled in Medicare. If you’re not receiving Social Security by age 65, however, you’ll have to enroll yourself.

Just like Social Security, there are several options to choose from when enrolling for Medicare coverage. Because health needs are so varied, enrolling options should be carefully considered. There are the original coverage options, Part A and B, of course, but there are also supplements and prescriptions to consider. You can add Medicare Supplement and Part D for drug coverage, or you could consider Medicare Advantage, also known as Medicare Part C which offers these options as well.

A Holistic Retirement Approach

Before making any decision, it’s important you look at your retirement plan from every angle. Social Security and Medicare are only pieces of a complete retirement plan. If you have questions or concerns about how your Social Security or Medicare benefits, call our office at (435)773-9444 and schedule a time to review your retirement plan.