If you are turning 65 this year or next, you need to start thinking about signing up for Medicare. There are also important Social Security and career options to make. If you are going to retire at this age, then here are some tips to help you in your decision.
SIGNING UP FOR MEDICARE
Your first opportunity to sign up for Medicare is during the seven-month period that begins three months before you turn 65. If you don’t sign up for Medicare Part B during this time, you may find your premiums may increase by 10% for each year that you delay your enrollment. If you are working and with a group healthcare plan, you can still sign up after leaving that plan to avoid the penalty.
GETTING YOUR FREE PHYSICAL
You are able to get a one-time free physical exam within the first year of signing up for Medicare Part B. The physical must be done by a doctor who accepts Medicare. The physical will include: eye and blood pressure screenings, preventative care services offered by Medicare, and other services that will have no out-of-pocket expense to you.
HOLD SOCIAL SECURITY OFF
Even though you are now capable of getting Social Security this year, you will want to hold off on it until you will be able to receive the full amount of your benefits. Currently, you will only receive 93.3 per cent of the amount you are entitled to. Social Security payouts increase each year until you reach the age of 70.
KNOW YOUR RETIREMENT PLAN
Make sure you have a financial planner or speak with a lawyer who has specialized in Elder law so that you know how to spend your money. Get an idea what your income tax will be on 401(k)s and other saving plans. You can incur a hefty penalty to your withdrawals if you do not follow the proper suggestions. You will want to include money to compensate for inflation so that you can enjoy your lifestyle throughout your golden years.
If you have any questions on your retirement, please do not hesitate to contact the KABB Law Firm at 216.991.KABB (5222) or visit our web site atwww.kabblaw.com