Countdown to Medicare and Social Security checklist

Here's what advisers should be reviewing with their clients each year between ages 62 and 70

Nov 24, 2018 @ 6:00 am

By Mary Beth Franklin

Age 62
Earliest age to apply for reduced Social Security retirement benefits, subject to earnings restrictions if working.
Age 64
Research Medicare options.
Age 65
Enroll in Medicare. Those who claim Social Security benefits early are automatically enrolled in Medicare. Others must sign up for Medicare during their initial seven-month enrollment period — which starts three months before their 65th birthday— or face lifelong delayed enrollment penalties.
Age 65+
Older workers with group health insurance through a current employer can delay enrolling in Medicare penalty-free for up to eight months after their job or group insurance ends.
Age 66
Full retirement age for people born from 1943 through 1954, gradually increasing to 67 for those born in 1960 or later. Earnings restrictions disappear at full retirement age.
Age 66+
Those who postpone collecting Social Security beyond full retirement age earn delayed retirement credits of 8% per year.
Age 70
Delayed retirement credits end. Collect maximum Social Security benefits even if still working.


What do you think?

View comments

Recommended for you

Featured video


The secret to working with next gen clients?

Alan Moore of XY Planning says working with millennials isn't as difficult as some advisers make it sound. Here are three strategies for success.

Video Spotlight

We started as a boutique firm with huge ambitions. Schwab was a perfect fit.

Sponsored by Schwab Advisor Services

Recommended Video

Keys to a successful deal

Latest news & opinion

10 millennials making their mark in Washington — and beyond

These next-generation leaders are raising their voices and gaining influence over financial advice regulation and legislation.

Warburg Pincus among private equity managers interested in acquiring Kestra Financial

Sources say Kestra is being valued at between $600 million and $800 million, about eight to 10 times EBITDA.

10 highest paid professions in America today

These are the top-paying jobs in the U.S., according to Glassdoor.

Former Merrill Lynch star broker Thomas Buck sentenced to 40 months in prison

He pleaded guilty to securities fraud in 2017; charged clients excessive commissions.

Rules for claiming Social Security at 70

Some individuals' benefits will begin automatically; others have to take action.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print