Income, health, ability or desire to work and spousal need for health insurance are all factors in deciding if or when you retire.
The conclusion from Steven A. Sass in a 2016 study conducted by The Center for Retirement research at Boston College said…,”few workers, however, are equipped even to estimate the financial implications of retirement”.
Mr. Sass points out the inability of many workers being pulled out of the labor force too early, may not have a financially secure retirement. Do you know how much cash flow you will need before and after you retire?
In addition to a Accountant, Elder Law Attorney and Financial Planner you also need a trusted insurance advisor.
You spent your life building your nest egg, great! However, insurance is the only way to protect that nest egg when it comes to health care, long-term-care and on-going living expenses.
Unless you are on Social Security Disability, for more than 2-years, most retirees have a 7-month window to apply for Social Security.
If your new to Medicare the timeline would be 3-months before your 65th birth month and 3-months after your birth month to apply for a Medicare policy. Medicare has many enrollment periods (times when you can enroll) however, if you miss one of these enrollment periods you can be assessed a penalty or have your enrollment delayed.
If you are going to continue working after your 65th birthday, and your employer has a creditable health and medication plan (employered paid health insurance) , then you can delay applying for Part B.
When you do decide to retire and leave your employer health plan, there are many rules and regulation that you need to know about before you apply for a Medicare plan.
Ideally, if you’re going to retire at age sixty-five, it’s best to have a conversation with me at least one year before your retirement date or at a minimum 2-months before your 65th birth month.
I can guide you thru the application process for applying for a Social Security in order to get your Medicare card. After you receive your Medicare card we can set an appointment to discuss which plan would best meet your health and financial needs.
A detailed summary of Part A, B, C and D can take many hours because of the complexities in each of these parts. When we meet, I will cover these parts in a more concise and easy-to-understand way.
A simplified way to look the four parts of Medicare is:
A simplified way to look at Social Security is that they collect your money while your employed and then disperses your money back to you when you retire.
The Centers for Medicaid and Medicare Services (CMS) administers and manages Medicare for health services and medications. A basic rule to follow is if a benefit is approved by Social Security then Medicare pays 80% and your health plan pays 20%.
All Medicare policies vary in benefit and cost. Depending on your policy, you may be responsible for deductibles or co-pay’s.