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>>Robert K. Dellenbach: When to sign up for Social Security benefits is a question that
most of us have to carefully examine. It is a well-known fact that people
are living longer and women live longer than men. Planning your
financial affairs to provide sufficient income during retirement is a serious, important
exercise. And calculating your Social Security benefits in advance of
retirement should be an integral part of your long range planning.
With all of the uncertainties of life, deciding when to sign up for Social Security benefits
takes careful analysis because each person has several different
things to consider. For example, if you elect to start taking benefits
at age 62, your benefit will be somewhat reduced because monthly benefits vary according to
age. At age 65, you are entitled to the full benefit and if you
wait until age 70, you will receive the full benefit, plus a bonus.
Suppose you decide to work past age 65. That’s okay, because at age 65 you qualify for the
full Social Security benefit. No matter which age you select for
Social Security benefits, one thing you should do three months before
your 65th birthday is to sign up for Medicare. Waiting past your 65th birthday could require
you to pay higher premiums and your Medicare, medical insurance,
and prescription drug coverage could be delayed. There are three ways
to contact Social Security. One, visit these websites on your screen; two, call 1-800-772-1213;
or three, visit any Social Security office.