Do I register for Social Security?

I have a big 65th birthday coming up mid-March and would like your advice on registering for Social Security and Medicare. I am now unemployed, but I am seeking another gig to get me to age 67 before taking Social Security.

Signed: Wondering Senior

DearWondering: You do not need to “register” with Social Security in advance.

You don’t need to do anything with Social Security until you are ready to claim your benefits. Since you were born in 1959, your full retirement age (FRA) for Social Security purposes is 66 plus 4 months, and that is when you will be entitled to 100% of the benefit you’ve earned from a lifetime of working. But you can, if you wish, also wait beyond your FRA to get an even bigger benefit. For each month you delay after your FRA you’ll earn Delayed Retirement Credits of .667%, which is 8% additional benefit for each year you wait. That can continue up to age 70 when your maximum benefit will be reached. In your case that would mean an age 70 benefit 29% more than your FRA benefit amount. But whenever you’re ready, you can apply for Social Security online at www.ssa.gov/retire (you must first create your “My Social Security” account to apply online).

Medicare is an entirely separate program and, unless you have “creditable” employer healthcare coverage from a new job, you should enroll in Medicare a bit prior to your 65th birthday (“creditable” coverage is a group plan with at least 20 participants). This would be during your Medicare Initial Enrollment Period (IEP), which is a 7-month window start-

See RUSTY, page A10

Russell Gloor Social Security Matters RUSTY

From page A4

I have a big 65th birthday coming up mid-March and would like your advice on registering for Social Security and Medicare. I am now unemployed, but I am seeking another gig to get me to age 67 before taking Social Security. Signed: Wondering Senior

DearWondering: You do not need to “register” with Social Security in advance. You don’t need to do anything with Social Security until you are ready to claim your benefits. Since you were born in 1959, your full retirement age (FRA) for Social Security purposes is 66 plus 4 months, and that is when you will be entitled to 100% of the benefit you’ve earned from a lifetime of working. But you can, if you wish, also wait beyond your FRA to get an even bigger benefit. For each month you delay after your FRA you’ll earn Delayed Retirement Credits of .667%, which is 8% additional benefit for each year you wait. That can continue up to age 70 when your maximum benefit will be reached. In your case that would mean an age 70 benefit 29% more than your FRA benefit amount. But whenever you’re ready, you can apply for Social Security online at www.ssa.gov/retire (you must first create your “My Social Security” account to apply online).

Medicare is an entirely separate program and, unless you have “creditable” employer healthcare coverage from a new job, you should enroll in Medicare a bit prior to your 65th birthday (“creditable” coverage is a group plan with at least 20 participants). This would be during your Medicare Initial Enrollment Period (IEP), which is a 7month window starting 3 months before the month you turn 65 and ending 3 months after the month you turn 65. If you don’t enroll in Medicare during your IEP and enroll later, and if you didn’t have creditable employer healthcare coverage after age 65, you will be subject to a late enrollment penalty, which will permanently increase your Medicare Part B (and Part D) premiums.

The bottom line is this: you don’t need to pre-register for either Social Security or Medicare. You can simply enroll when you are ready for benefits to start.

This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association.

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