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Retirement Planning

Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.

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#1 Posted : Monday, May 6, 2019 10:12:15 AM(UTC)

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Yikes, I will be age 70 in a few months and plan to continue working for another year or two. I have not applied for social security or Medicare yet. Am I required to apply for social security and for Medicare prior to turning age 70? If I keep my FEHB into retirement do I need to apply for Medicare B also? I understand there is no cost associated with part A, but does it make sense to pay for both Part B and FEHB in retirement?
#2 Posted : Monday, May 6, 2019 10:22:57 AM(UTC)

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You aren't required to apply for either SS or Medicare at or prior to age 70. But there is absolutely no monetary advantage to waiting until after age 70 to apply for the monthly SS benefits. This is because only months prior to age 70 are used by SSA to calculate the Delayed Retirement Credits that increase your monthly benefit amount. Also, there will be no earnings test so you'll receive your full earned SS benefit every month.

As far as Medicare is concerned I don't know why you didn't apply for Part A when you were age 65. There is no reason to delay applying for it and I'd advise doing so ASAP. Regarding Part B, search the Medicare and Health Care forum and you'll find all sorts of discussions regarding whether or not you should take Part B. There is no absolute consensus on that matter.

Edited by user Monday, May 6, 2019 3:44:34 PM(UTC)  | Reason: typo

thanks 1 user thanked for this useful post.
someoldguy on 5/11/2019(UTC)
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