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Turns 66 in 2019? 3 Things You Need To Know – Motley Fool

When we think of life's greatest milestone, 66 is not necessarily one of them. It certainly doesn't have the same ring as turning 40, 50, 60 or even 65. That said, 66 is an age to celebrate in its own right, especially if you have a retirement pension. Here are some things you should know about blowing out 66 lights this year.

1. You will be eligible for your full monthly benefit

Even though your social security benefits are based on the 35 highest years of earnings recorded, the age you add to them will also determine how much you collect from the program each month. If you retire with what is known as full retirement age, you collect the full monthly benefit your income history entitles you to.

For those born between 1

943 and 1954, the Social Security Administration designated 66 as full retirement age, which means that if you reach this milestone this year, you have the right to collect your social security benefits in full (while if you Should submit a few months early, you would reduce your monthly payments, and possibly for life).

  Man holding a small round cake and blowing out the lights


Of course, that doesn't mean you have to rush to the file on your birthday, either. In fact, if you delay your benefits past full retirement age, you increase them by 8% for each year you hold until you become 70. Therefore, if you are still working on the time you reach 66, you can leave these The benefits grow for a while longer and increase them permanently.

2. You are already eligible for Medicare

Medicare qualification kicks in at age 65, so if you haven't signed up for coverage, you may be moved. Although Medicare Part B, which covers doctoral visits, charges a prize, Part A, which covers hospital stays, is free. That's why it pays to sign up for part A, even if you still work and have coverage under a group health plan through your employer. Thus, Medicare will serve as a secondary payer and possibly retrieve the table in situations where the primary insurance company does not. That said, you should not sign up for Part A if you are still planning to fund a health savings account, because you cannot contribute to one if you have Medicare cover of any kind. [19659002] 3. You can work and collect social security at the same time.

Many seniors are advised to keep archiving for social security schemes if they are currently working, the logic is that if a stable paycheck comes in, there is no point in not growing those benefits. But what if you want these benefits to enjoy your life more while you are relatively young? What if your paycheck is enough to cover the bills, but your social security benefits will allow you to travel or meet other life goals? If so, you can choose to archive benefits even if you still have a paying job.

Now, if you have not yet reached full retirement age, work and collect social security while retaining some of these benefits. But when you reach full retirement age, you can earn as much as you want and also collect your benefits in full. Therefore, when you are at 66, you can enjoy both revenue streams without having to worry about changes than not increase your benefits (which, if you have wisely saved, cannot hurt you in retirement). [19659004] There is a lot to celebrate – and know – about beating 66. Keep the above points in mind, especially if retirement is on your radar.

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