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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
January/February 2018
Working into "Retirement"
You may want to work past normal retirement age to build up your retirement kitty or just because you love working. Either way, you should understand Social Security payments and Medicare.
Older Workforce
The Department of Labor’s Bureau of Labor Statistics estimates the percentage of people age 65 and older in the workforce will continue to grow.* They must make important financial decisions around age 65.
Smaller Benefits
If you begin Social Security payments between age 62, when you’re first eligible, and your full retirement age,** benefits are permanently reduced.
If you work while receiving Social Security and you’re younger than full retirement age for the entire year, $1 is deducted from benefits for every $2 you earn above an annual income limit until you reach full retirement age. Find the 2018 earnings limit at www.ssa.gov.
Bigger Benefits
Wait until your full retirement age to draw Social Security and you’ll receive full benefits. Delay longer and your check will grow. If you’re working or you have other retirement assets to draw upon, talk to a financial professional to see if delaying Social Security until age 70 makes sense.
Health Insurance
Whether you continue working or not, sign up for Medicare Part A three months before to three months after the month when you turn age 65. Part A is hospital insurance. It’s free for most people.
Americans with Part B, covering doctor’s visits and other medical costs, pay a monthly premium, but can pay a lifetime penalty for enrolling late. The
exception is if you have employer-provided health insurance through your own or your spouse’s job. See www.medicare.gov for more info.
*Mitra Toossi, “Labor force projections to 2024: the labor force is growing, but slowly,” Monthly Labor Review, U.S. Bureau of Labor Statistics, December 2015, https://doi.org/10.21916/mlr.2015.48.
** Social Security full retirement age is 66 for individuals born in 1943–1954. It’s between 66 and 67 for those born in 1955–1959.
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