Comment by aworks
8 hours ago
Likewise he can probably defer his Social Security payments until 70, in order to get the higher benefit...
+1 for Medicare for the non-rich, though. I'm a retiree and the monthly payment is about 1/4 of what I was paying for health insurance before I was eligible.
> the monthly payment is about 1/4 of what I was paying for health insurance before I was eligible.
Maybe not, if you take into account the >$500/month subsidy of your Medicare Part A benefits (assuming you had the minimum number of calendar quarters paid in). And your Part B payment (the one usually deducted from your Soc Sec payment) is also partly subsidized unless your income is high enough to trigger IRMAA adjustment.
> defer his Social Security payments until 70, in order to get the higher benefit
People repeat this but when I ran the math on earlier Social Security payments it seems like the accrued $, by the time you're eligible for the higher benefit, is plenty similar as bonus income.
It also helps to spread your lifetime Soc Sec benefits over more tax years, thereby lowering the total tax you pay (because pushing higher payouts into fewer tax years by delayed filing will typically increase your marginal tax bracket).
Yeah it's definitely not one-size-fits-all advice. Depending on what your IRA/401k situation looks like, taking SS right at 62 may be the financially superior choice as it reduces your early draw down on the investments.
I'm not following this advice for now but a recent post about not delaying
https://nesteggcare.com/why-would-you-delay-the-start-of-soc...
But is Medicare as good as the insurance you had before?
I can't speak for aworks, but most of the people I've spoken to on it, like my mother, say it's better than the private insurance they had before.
For general medical coverage, it was better for my Mom and now it seems better for me. Some things are not covered with traditional Medicare e.g. dental and vision.
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I’m going to need to buy on the individual market. Talking to a broker he said Medicare is a great deal, and you should take it if you can.
A lot depends one what you do for Part C (if you do).