With more people working after 65, there are a lot of questions about when to sign up
Got a question about the mechanics of investing, how it fits into your overall financial plan and what strategies can help you make the most out of your money? You can write me at [email protected]. I’m 67. I am employed and have full health-insurance coverage through my company.
You can sign up for Medicare Part A, which covers hospitalization, because it has no premium, although you should check with your human-resources department to see what’s required. You’ll be automatically enrolled if you sign up to collect Social Security. Boomer Benefits sees a lot of clients who stay on their workplace plans, especially because they have spouses under age 65 who need to remain covered under that group insurance, Millican says.
So if you start to think about retiring, consider the impact of your prior wages. If you want to stop working at some point in 2024, check the income on your 2022 tax return to see if it exceeds those limits. If you determine that it will — which you can see just by looking at your tax return — you might want to consider slowing down a little first and earning less for two years, so that by the time you claim Medicare, your income is less.
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