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02/13/185) Where will I get health insurance? Medicare is available at age 65. Those eligible for Medicare can opt for Medicare Advantage plans or a supplemental insurance (Medigap). Those considering retirement before the age of 65 may be able to obtain insurance through their employers or through health insurance exchanges.
5 Key Question’s Baby Boomers Must Ask Before They Retire: Q4: When is my spouse planning to retire?
02/13/184) When is my spouse planning to retire? A spouse with a shorter work history (e.g., 20 or 25 years) can realize a bigger increase in Social Security benefits by working three extra years than a spouse with a 40-year work history. Spouses also need to determine where they will live and what type of activities they will engage in…
02/13/183) When should I claim Social Security? Postponing claiming Social Security benefits from age 62 until age 70 increases the size of the benefit by about 75%. Delaying impacts not only the benefit at the time of claiming, but also the survivor benefit for married couples. The Society of Actuaries says nearly half of widows have no other income than…
5 Key Question’s Baby Boomers Must Ask Before They Retire: Q2: What’s the impact of working one or two more years?
02/12/182) 1) What’s the impact of working one or two more years? Postponing retirement allows a person to delay claiming Social Security; thereby increasing the size of the annual benefit. It also gives retirement savings more time to grow. Pension benefits usually also increase up to age 65, though some plans may boost benefits until age 70.