Social Security & Medicare
The best age to start Social Security depends on your health, income needs, and spousal situation. Delaying benefits to age 70 can increase your monthly payment by up to 77% compared to claiming at 62. Medicare plan selection is equally important; choosing the wrong plan can cost thousands each year.
| Claiming Age | Monthly Benefit | Lifetime Benefit (to 85) | Best For |
|---|---|---|---|
| 62 | ~$1,860 | ~$513,360 | Those who need income now or have shorter life expectancy |
| 67 (Full Retirement Age) | ~$2,660 | ~$574,560 | Balanced approach for average life expectancy |
| 70 | ~$3,300 | ~$594,000 | Those in good health who can afford to wait |
Estimated benefits based on average earnings. Your actual benefit will vary.
When Should You Start Social Security?
There is no single right answer. The optimal claiming age depends on your total financial picture, your savings, your spouse's benefits, your health, and whether you plan to continue working. Claiming early provides income sooner, but at a permanently reduced rate. Waiting can significantly increase your lifetime benefits if you live past your mid-70s.
Which Medicare Plan Is Right for You?
Medicare is not one-size-fits-all. Original Medicare (Parts A and B) covers hospital and medical expenses but leaves gaps. Medicare Advantage (Part C) bundles coverage but limits provider choice. Medigap supplements fill the gaps in Original Medicare. Choosing the right combination requires understanding your health needs, preferred doctors, and prescription drug costs.
How We Help You Navigate These Decisions
We analyze your complete financial situation to recommend an optimal Social Security claiming strategy and Medicare plan combination. Our goal is to help you maximize benefits while minimizing out-of-pocket costs.
Source: U.S. Social Security Administration (ssa.gov)
A Quiet Invitation
The gap between the right and wrong Social Security claiming age can run well into six figures over a lifetime, and the wrong Medicare plan can quietly cost thousands every year. Let us map the timing and trade-offs against your full financial picture, with Rosemary, before these decisions become hard to undo. We do not believe in pressure or hard pitches. We believe in the right relationship with the right people at the right time.
Schedule a Social Security & Medicare Review