Taking Social Security At 65 A HUGE Mistake? Retirement Expert Explains! 🫣

Are you nearing retirement age and considering when to start taking Social Security? It's a big decision with many factors to consider, and it can have a major impact on your financial well-being in retirement. In this video, Medicare Retirement Expert, Marvin, breaks down the pros and cons of taking Social Security before age 65, one of the earliest possible ages to start collecting benefits, and how it relates to Medicare.
On the one hand, taking Social Security at age 62 to 65 can provide an immediate source of income. It can be particularly appealing if you're facing financial challenges or health issues that make working difficult. However, there are some significant downsides to taking Social Security early. For one thing, you'll receive a smaller monthly benefit than waiting until your full retirement age (typically between 66 and 67, depending on your birth year). Additionally, taking Social Security early can reduce the total benefits you receive over your lifetime, as your benefits will be reduced by a certain percentage for each year you take them early.
But how does taking Social Security before age 65 relate to Medicare? Marvin explains that if you start taking Social Security at 62 through 65, and how you'll automatically enroll in Medicare Part A and Part B at age 65. However, if you delay taking Social Security, you may need to actively enroll in Medicare when you turn 65 to avoid potential penalties.
In this video, Marvin Musick fo Medicare School covers:
How Social Security benefits are calculated and how taking them early can impact your monthly benefit and overall lifetime benefits
The pros and cons of taking Social Security at age 65, including how it can impact your retirement income and tax situation
How taking Social Security before age 65 relates to Medicare, including the potential penalties for delaying enrollment
Strategies for maximizing your Social Security benefits, including delaying your benefits until your full retirement age or even later, if possible
Tips for planning for retirement and building a solid financial foundation for your golden years, regardless of when you decide to start taking Social Security
If you're approaching retirement age or want to learn more about Social Security and Medicare, this video is for you. Don't make a hasty decision that could majorly impact your future financial security - watch this video and learn from the experts!
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