Every 65 Year Old Needs To Watch: Medicare, Social Security & Retirement Planning 🧐

[@MedicareSchool]

✅ Watch the Internet's #1 Online Medicare Educational Workshop for FREE: get.medicareschool.com/45V4Rbw ✅ To get 1 on 1 Help from our Team, Schedule a Call Here: get.medicareschool.com/3PuKFq3

[@lake3176]

Considering the enthusiasm, accuracy, and detailed information presented, I’m surprised this video hasn’t reached a million views.

[@MedicareSchool]

We're so pleased to provide all the information we can! Share our channel to those you come across that may need more information. Thank you so much!

[@davidfolts5893]

Medicare School is deeply committed to teaching, and the mission is clear: to help through education. Well done!

[@MedicareSchool]

Thank you for watching

[@masterlee4370]

I never ever regret watching these videos! This site simply rocks!

[@MedicareSchool]

Thank you for watching

[@chiefd3290]

Wealth of information in 28 minutes. Awesome video 👍👍

[@MedicareSchool]

Glad you liked it!

[@kennethreynolds8]

I think you are the GOAT when it comes to these topics as my grandchildren would say, you have explained things very well sir.

[@MedicareSchool]

Thank you for watching

[@evansdolyna7]

Excellent😊

[@genova2006]

Thank you. Learned lots in recent weeks. Feeling comfortable with what looked like a black box before.

[@MedicareSchool]

Glad that we could help!

[@lake3176]

Thank you a lot. I already subscribed you.

[@MedicareSchool]

We appreciate you!

[@Willowclub07]

🙏 thanks for great info

[@MedicareSchool]

Thank you for watching

[@Matt-jx8vk]

Great Teaching!

[@MedicareSchool]

Glad it was helpful!

[@mooncow5493]

I will be watching all your videos, I'm having great confidence in all that you are sharing. Cannot describe how appreciative I am and will most likely be contacting your office for a final confidence boost of advice. Thank You!

[@rubicon3416]

Great video. But leave it to government to make retirement so complicated.

[@passportwalletphone]

Thanks for the video.

[@MedicareSchool]

You are welcome!

[@dq7143]

I need to figure out how to fill up the first financial bucket after all the pension and social security deductions for health related items.

[@HomeOrchard]

This is a very complete video covering everything concerning retirement- full circle. Great job, Marvin! I’m hoping to wait until FRA to collect SS and will draw down on a ROTH to pay quarterly Medicare expenses until then. I live on a moderate pension. I appreciate your discussion on investment management and taking distributions. Like many others, I have a Traditional IRA but I am planning to take some of that IRA and purchase a MYGA contract for about 7 years and then roll that into a QLAC contract for 8 years and then take monthly distributions around age 79 or 80. I will then have a third monthly income stream as I enter my 80s. My father did that and it has helped him much and he’s in his 90s.

[@MedicareSchool]

Thank you for sharing

[@butchs2337]

i am 66 years old and this is very depressing about Retirment, i am still working and i have no saving or 401 and SS does not pay me enough to come close to paying my bills. i drive a 1995 car, moving out of the country to the Philippines is looking better and better all the time :(

[@threeftr3349]

It maybe helpful for you to work until age 70 if you can. That would give you 124% of your benefit at age 70--your maximum benefit amount. Use those working years to save, and to pay off your debt if you have any. While you are working all the COLAS since the year you turned 62 is compounding. Remember you are not covered under Medicare Advantage plans if you are out of the country. Supplemental plans only pay a lifetime amount of $50,000.

[@butchs2337]

@@threeftr3349 i was on disability at age 59 and Medicare at i think at 62, and when i turned for FRA they took away disability and made just SS from what i understand, i worked with a wound vac around my neck and with cast on my foot which they told i broke 3 times while wearing that,, i have to work to pay the bills if i want to eat and have a roof, i do not owe to much, i have to see the doctors every 2 months for check ups and shots in the eyes or i would be in the Philippines tomorrow haha, thanks for the reply and advise

[@timmagrath5078]

Another excellent video! Is it easy to change supplement plans? From a plan N to a plan G? Add a Plan D later? I'm about to turn 65 and I'm currently very healthy. I'd like to start with a more affordable plan now and upgrade later.

[@alansach8437]

My understanding is that if you want to change Supplement plans later you may have to undergo medical underwriting. If you wait until you start having health issues you could be denied. As for the Part D. If you don't get a Part D plan when you first become eligible you could be penalized. The amount would depend on how long you went without, and would be permanent. In other words you would pay the penalty every month for the rest of your life. The good news is that you can get a basic Part D plan for as little as .50 a month! Really no excuse not to just get one when you first become eligible! Then you can upgrade that at any time (during open enrollment each fall) to cover prescriptions you may have started to take.

[@MedicareSchool]

You are able to change in the future however, you may have be subject to underwriting

[@gloryblessed8150]

I will be 65 yrs next year and I want to start collecting my social security benefits my husband will be 60 yrs next year , my question is can I collect spousal benefit on his social security as well thank you

[@MedicareSchool]

He would have to be retirement age (62) for you to collect on his. In addition you can only collect one or the other benefit they will not allow you collect your benefit and a portion of his.

[@captainkangaroo4301]

Although there is no earnings test for those who wait until their full retirement age to file for social security does the social security income count towards the earnings calculation for Medicare’s IRMA?

[@brentgindelberger8851]

Yes, but just the part that ends up being taxed. He has other videos that speak to how much of your social security can be taxable.

[@HealthyDisrespectforAuthority]

If A only is the goal, how do we avoid being automatically enrolled in B, against our will?

[@MedicareSchool]

If you are already collecting SS benefits before 65 then yes you would be automatically signed up. If you wish to defer part A and B you can do so as long as you are still working and covered by credible group insurance. 20 or more employees. When you get your Medicare card( assuming you will be automatically enrolled), you can sign the back of the card and check that you want to defer part B only and send it back to Medicare. They will send you a new card with part A only. If you are not already collecting SS benefits at 65, you will want to go on SSA.gov to apply for Part A only.

[@HealthyDisrespectforAuthority]

@@MedicareSchoolthank you! I'm saving this answer for when I need it.

[@robertpowers2568]

I am on FERS Retirment and have medical insurance thought the fed govt do i still take MedCare

[@nightengale2123]

I retired with a FERS pension in 2021 at 64 and took my FEHB standard BC/BS with me. When I turned 65 a few months after I retired I picked up Medicare A & Part B. When I picked up Medicare it became my primary and my FEHB BC/BS my supplement which covers my meds with modest copays. Other than my med copays I have paid no other healthcare costs with this coverage. But, this is expensive coverage as I pay $326/month for my FEHB BC/BS standard, $174.90/month for Medicare Part B, $45/month for dental, and $12/month for vision. I made these choices since I am a cancer survivor and have several other chronic health issues and felt it best for me personally to have this comprehensive coverage. With having a FERS pension and a decent amount in my TSP, plus being a widow I was able to 1st claim my Social Security survivor's benefit when I retired which allowed me the income to delay taking my own SS benefit at my FRA of 66.6 which I did this past August which it is gross a little over $3k/months which helps pays my healthcare coverage costs.

[@MedicareSchool]

Speak with your benefits administrator or HR for the answer to that question

[@annietaylorsmith3876]

What about those of us who are disabled Veterans with 100% paid VA healthcare?

[@hectormaldonado3899]

I would like to know this question

[@MedicareSchool]

www.va.gov/health-care/about-va-health-benefits/va-health-care-and-other-insurance/

[@annietaylorsmith3876]

@@MedicareSchool Thanks!!!!!

[@topplacetoLive]

Vital info for 65-year-olds! Understanding Medicare, Social Security, and retirement planning is crucial. Stay informed to make wise decisions for your future.

[@MedicareSchool]

Thank you

[@zzbear317]

I turn 65 in 6 months. My wife is younger and doesn't have insurance except through my employer plan, which is an HSA. I was hoping to cut back my hours in a year or so, but I won't be able to afford my insurance if I do. The only option I can think of is to have my wife grab an ACA plan when I cut back, but I believe the only way she would qualify for a subsidy is if my insurance would be considered "unaffordable". Is there any way to know how much or how little I can or can't make to make that happen?

[@alansach8437]

One of those Catch 22s!

[@MedicareSchool]

My team would be happy to assist you. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com

[@cg0401]

Hey I'm also researching this whole mystery myself. I read on your HSA, 6 months before retiring to quit using it?? It was in one of these about, Social Security, Turning your 401 into A Roth, what age to retire, continuing working in addition to SS. Lol I’m trying to absorb as much as I can. 😊 Good luck and may the two of you live your best years moving forward.

[@pradeepsulkar2140]

If I earning money renting my home what going to happen my social security benifit.

[@butchs2337]

out of the 3 buckets the first bucket is empty and the second bucket gets about $600 after med insurance is taken out and the third bucket is empty i am F ED at age 66

[@edwardloizides5415]

If I take my deceased wife’s spousal benefit at 66 1/2 ( she took her benefit at 62 because she was ill ). Is my benefit at 70 ( that’s when I will start taking my benefit) penalized or reduced?

[@StrawberryCopper]

Click on the link above in the pinned comment. Make an appointment to talk to someone on Medicare School.....they can walk you thru ALL this complicated crap.

[@markswanson1564]

With a deceased spouse, there’s now unfortunately only one (1) benefit payment- I.e. the greater of your’s when you actually retire OR claiming through her’s. This catches many surviving spouses unaware because they are reduced from 1.5 Social $ecurity payment$.

[@edwardloizides5415]

@@markswanson1564 yes I will take my one payment at 70 but will that one payment be in anyway reduced because I took my spousal benefit?

[@MissBabalu102]

I forgot how much they require us to withdraw from our IRA each month? I assume it's required at age 70?

[@badabing308]

It is called RMD = required minimum distribution.. When the requirement starts depends on your age. If you aren't yet 72, your age to start is 73. The amount required changes with each year that passes, based on your estimated remaining lifespan. The easiest way to figure it out is to use an online calculator. Search for "RMD calculator". I like the free one at Schwab, but there are lots online. Do not forget to make your RMDs on time. Forgetting has a very stiff fine of 1/2 the amount you were suppoed to withdraw.

[@cherylplourde7881]

Age 73 RMD

[@alansach8437]

Yep. Congress recently changed it to 73. There's a chart that the IRS puts out. It lists life expectancy at each age (they are pretty generous btw). You take the balance of your account at the end of the previous year and divide it by your life expectancy number (at 73 I think it's 26.5 last I looked). That's the amount you must withdraw. However, you don't have to spend it. You could turn around and open a CD, or invest it some other way.

[@MissBabalu102]

@@alansach8437 Thanks, I feel and look young but I'm really surprised at the age discrimination and restrictions with work. It helps if I meet people first and let them imagine before I tell them. I hope they allow me to continue until 73. So discouraging and unfair. I looked 14 until 45, so now's my time to shine. At age 99, I bet it'll be a different story and I'll likely be alone.

[@cayennenaturetrails8953]

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[@fathercavanaugh1862]

Tricare pays last, not necessarily second.

[@williamdavis4511]

Your not going to keep this pace up in your old age, slow down and smell the coffee...