Social Security – If Your Full Retirement Age Is 66 or 67, Don’t Forget to Do This

The Social Security Administration (SSA) offers the option for American workers to start receiving retirement benefits as early as age 62. However, there’s a good reason many seniors choose to delay these benefits until they reach 70. By waiting, they can receive up to 24% more in monthly benefits, which can make a significant difference in their retirement income.

But not everyone wants to—or can—wait until 70 to stop working. Some prefer to retire when they hit Full Retirement Age (FRA), which for those born in 1960 or later is 67. In 2024, the FRA is slightly different at 66 years and 8 months. Regardless of when you decide to retire, there’s an important consideration that every American nearing retirement should keep in mind.

Medicare Sign-Up

If you’re approaching 65, there’s an essential step you need to take, whether or not you’re planning to retire immediately. You must sign up for Medicare three months before your 65th birthday. This is crucial, even if you’re not ready to start receiving Social Security retirement benefits.

For those planning to file for Social Security at 67, it’s possible to submit your application up to four months before you want the payments to begin. But when it comes to Medicare, you can only apply three months in advance.

What is Medicare?

Medicare is the United States’ health insurance program designed primarily for people aged 65 and older. It’s a vital part of retirement planning because it helps cover many of the healthcare costs that seniors face. When you’re eligible, you can sign up for Medicare Part A (hospital insurance) and Part B (medical insurance) through the SSA. If you’re already receiving Social Security benefits, any premiums for these parts can be deducted directly from your benefit payments.

Enrolling in Medicare

The good news is that enrolling in Medicare is a straightforward process. If you’re turning 65, you can sign up online for Medicare Parts A and B. Some seniors choose to delay enrolling in Part B because they’re still covered under an employer’s group health plan, which is perfectly acceptable.

To get started, visit the official SSA website at SSA Medicare Sign-Up and click on the “Apply online” button. If you only want to enroll in Part A, you can do that online too.

For those with end-stage renal disease (ESRD), Medicare coverage is also available, and you can apply by calling the SSA at 800-772-1213. Be sure to mention your ESRD status to the representative. The SSA provides services in multiple languages, including Spanish, to accommodate all applicants.

Deciding when to start receiving Social Security benefits is a personal decision that depends on your financial situation, health, and retirement goals. Whether you choose to retire at 62, wait until 70, or aim for Full Retirement Age, it’s essential to remember the importance of signing up for Medicare as you approach 65. Doing so ensures that your healthcare coverage is in place when you need it most.

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