These Social Security Basics Could Help You in the Long Run

Summary

This video script provides essential information for Medicare beneficiaries about Social Security and Medicare enrollment. It explains the relationship between Social Security retirement benefits and Medicare eligibility, including when to enroll, how benefits are affected by early or delayed enrollment, and how working affects Social Security income. The script also discusses spousal benefits, the importance of checking Social Security statements for accuracy, and the potential tax implications of benefits. Viewers are encouraged to consult experts like Devon Carroll for more detailed guidance on navigating Social Security.

Takeaways

• 😀 Workers need 40 credits (10 years of work) to qualify for Social Security and Medicare Part A at age 65.
• 😀 You can apply for Social Security as early as age 62, but your benefits will be reduced if you take them before your full retirement age (FRA).
• 😀 Medicare enrollment starts at age 65, and if you're already receiving Social Security, it will be automatic.
• 😀 If you delay Social Security benefits, you must manually enroll in Medicare Part B.
• 😀 Signing up for Social Security benefits early can reduce your monthly income by up to 30%, depending on your FRA.
• 😀 Delaying Social Security benefits increases your monthly benefits by 8% per year, up to a maximum of 32% by age 70.
• 😀 Medicare Part B premiums are deducted from your Social Security benefits if you're already enrolled.
• 😀 Your surviving spouse can collect Social Security benefits based on your work record if they meet eligibility requirements.
• 😀 You can still qualify for Social Security benefits even if your spouse has never worked, based on your work history.
• 😀 If you continue to work past age 62, earnings beyond a certain limit could temporarily reduce or withhold your Social Security benefits.
• 😀 You can check your Social Security earnings record online at [ssa.gov](https://www.ssa.gov) to verify accuracy and correct any errors.

Q & A

At what age can workers apply for Social Security retirement benefits?

Workers can apply for Social Security retirement benefits as early as age 62, as long as they have earned the necessary work credits.

When can you sign up for Medicare, and does it depend on Social Security enrollment?

You can sign up for Medicare at age 65, regardless of whether you have signed up for Social Security. However, your Medicare enrollment may be automatic if you are already receiving Social Security benefits before turning 65.

What happens if you sign up for Social Security before age 65?

If you sign up for Social Security before age 65, the government will automatically enroll you in Medicare at age 65, and your Medicare Part B premiums will be deducted from your Social Security income.

How can you sign up for Social Security and Medicare online?

You can sign up for both Social Security and Medicare online at www.ssa.gov, making the process convenient without needing to wait in line at the office.

What is the minimum number of work credits required to qualify for Social Security and premium-free Medicare?

To qualify for Social Security retirement benefits and premium-free Medicare Part A at age 65, you need to have earned 40 work credits, which is equivalent to 10 years of work.

How does delaying your Social Security benefits affect your monthly income?

Delaying your Social Security benefits will increase your monthly income. If your full retirement age is 66, for example, your benefits will increase by 8% per year that you delay, up to a maximum of 32% at age 70.

How much can Medicare Part B premiums cost in 2024, and how are they paid?

Medicare Part B premiums in 2024 cost a minimum of $174 per month, and the premium is deducted from your Social Security retirement benefits each month before the payment is deposited into your account.

What happens if you delay signing up for Social Security and pass away?

If you delay signing up for Social Security, it could impact the benefits your surviving spouse receives. A surviving spouse may be eligible to collect 100% of the benefit you were receiving when they reach their full retirement age.

What is the Social Security earnings limit if you continue to work past age 62?

If you continue to work past age 62, there is an earnings limit, and any earnings beyond this limit will cause Social Security benefits to be temporarily withheld. However, once you reach full retirement age, there is no earnings limit, and Social Security will not withhold benefits.

Can a spouse qualify for Social Security benefits based on their partner's work history?

Yes, if one spouse has worked and earned the necessary 40 credits, the other spouse can qualify for spousal benefits based on the higher-earning spouse's work history. This can provide up to 50% of the higher-earning spouse's benefit at their full retirement age.