Yes, very true, NMDuke, and another consideration to take into account, when deciding when to start SS. May not make sense to start before full retirement age (whatever that happens to be for you), if you are still working, because of the limitations on how much earned income you can have (the threshold is quite low) before your SS payments will be reduced.
Retirement advice
- Thread starter rthomas
- Start date
Not in the know, but here's a link to a lengthy explanation and an online calculator pertaining to spousal benefits.
Turk
Member
I was told my services were no longer needed two years ago. The young Turks are out in the world (sorry about the mess, children, it was like that when we found it...). Mrs. Turk is irreplaceable, and (mostly) content, so I am still working at being at an Aspiring trophy husband. We're currently using ACA for health insurance, I will need to get smarter about Medicare and SS, one of these days. I do miss the travel perks, and some of the positive client interactions, and things like the occasional Powerball and NCAA pools, corporate swag,and some of the social interactions and selected corporate boondoggles, and some of the other fringe benefits that comes from Other People's Money.
I play golf weekly with a loose collective of mostly retired guys most Mondays, and a couple other times a week. I am a little tempted to make a nuisance of myself at school board or township meetings, and I need to keep an eye out to see where I can be of use. Overall, I am mostly at peace, and proud of all of the boxes we've checked thus far. It's early in the year yet, maybe I can add a couple little boxes to the list.
I play golf weekly with a loose collective of mostly retired guys most Mondays, and a couple other times a week. I am a little tempted to make a nuisance of myself at school board or township meetings, and I need to keep an eye out to see where I can be of use. Overall, I am mostly at peace, and proud of all of the boxes we've checked thus far. It's early in the year yet, maybe I can add a couple little boxes to the list.
bundabergdevil
Member
What’s the main question? Part of me wants to say congrats but sounds like you’re not too sure!
OldPhiKap
Super Moderator
Enjoy. I am in the early part of the window where I can step away. Health insurance costs are the biggest bugaboo with adult kids still on the plan and still being under 65 for Mrs.PK and myself.
Had a long conversation the other day with a friend about Medicare. Not sure ai’m smart enough to figure out our best approach.
CrazyNotCrazie
Member
My work BFF just turned 65 and is retiring shortly (ironically the week I become eligible for AARP - I've got a ways to go). He is much smarter than the average bear and was explaining all of the Medicare and related decisions he is making and how complicated it all is. I do not know how less intelligent people and/or those who do not have advisors to help manage it.
75Crazie
Member
The very best thing I did when I was approaching Medicare, knowing next to nothing about it, was to buy the current version of the Medicare for Dummies book. This was 6 years ago, and now my wife is approaching 65 and I bought the most recent update for her. Both versions were written by Patricia Barry, who wrote articles and columns regarding Medicare for years. I was daunted going in, but the book presents a wealth of information at a very readable and understandable level. I very highly recommend it.
Two specific recommendations, for anyone in a similar boat:
- Pay no attention whatsoever to any advertising claims, TV or mail or whatever. Many of these are borderline scams, and every single one of them has a highly biased slant.
- The Medicare.gov web site has very good tools for comparing drug plans and comparing original Medicare vs Medicare Advantage plans; the Dummies book explains how to navigate these tools. Give them at least an initial try before choosing to deal with a Medicare broker, and if you do decide to go that route try to get a trusted source to give you a recommendation; many brokers are likewise shady.
I fully agree with this suggestion. After going through mediacre.gov, start talking with Medicare Advantage plan providers to get a feel for what they offer and their costs. We have a Medicare Advantage plan, and along with the Medicare Part B and D premiums, are very reasonable.
Again, there is one crucial difference in Medicare Advantage plans. There are the PPO plans (which I have and greatly enjoy) in which there are preferred providers, but you can go to any doc you want, you may have to pay a bit more for some visits (though I haven't). The other Advantage plan type is an HMO plan which I would strongly recommend against since the plan tells you who you can see and who you can't, you generally have to get referrals, not a good thing IMO.
p.s. My particular Advantage plan pays for a bunch of stuff my previous regular Medicare plan did NOT pay for: it pays for drug coverage (such as it is, I advise not getting too sick) so you don't have to buy a Part D plan; my plan also provides decent coverage for dental visits (pays about half) and an annual pair of eyeglasses, none of which my regular Medicare plan did not pay for.
Indoor66
Well-known member
The thing about
As a long time Medicare Advantage user, I fully endorse the above. I have my Advantage PPO through AARP UnitedHealthcare. I have been pleased with the plan, provider choices and service. I do caution that when signing up to be certain that your Primary Physician and significantly important specialists are in-plan providers. Save later headaches and heartache.
Ggallagher
Member
I just wanted to add my endorsement to Indoor's comments. My wife and I have had this same plan for about six years now, and it's served us well. I also wanted to point out that there's no requirement to be an AARP member to sign up for this plan.
75Crazie
Member
I tend to the other side of the Advantage vs Original Medicare decision. While Original Medicare has an a la carte approach that can involve several pieces and parts, it is much more regulated than the Advantage plans and I am not at all convinced that Advantage is all that cheaper in the long run. And the sheer volume of TV ads for Advantage plans tells me that there are potentially significant profits to be realized there, and that triggers my skeptical side. I prefer the perceived stability of Original Medicare, even given that I have to have five different plans to juggle (Medicare A/B, Supplemental Medicare, Prescription Drug, Vision, Dental).
But the primary thing to keep in mind is that each person's situation is different, and what's best for one might be worst for another. In my case, I have a relatively small list of persistent prescription drugs and I have pretty stable (for now) vision and dental needs. Given my penchant for stability in medical plans, my mix of plans suits me well.
The Medicare for Dummies book takes a pretty good and comprehensive look at the pros and cons of each approach. And I promise, I do not get a kickback as a book rep; I was just really impressed with how it demystified the whole investigation for me.
But the primary thing to keep in mind is that each person's situation is different, and what's best for one might be worst for another. In my case, I have a relatively small list of persistent prescription drugs and I have pretty stable (for now) vision and dental needs. Given my penchant for stability in medical plans, my mix of plans suits me well.
The Medicare for Dummies book takes a pretty good and comprehensive look at the pros and cons of each approach. And I promise, I do not get a kickback as a book rep; I was just really impressed with how it demystified the whole investigation for me.
ah, something I forgot to mention which I think came up in a previous thread: there IS one fairly important saving with Advantage (though again, each person has to look at his or her own situation) and that is with conventional Medicare (which my wife and I had for quite a few years) you WILL need Medicare Supplemental Insurance, aka a Medigap plan, as there are some large holes in Medicare coverage which need to be covered. I think just about any retirement professional will tell you this.
My wife and I opted for a fairly deluxe plan which cost us a total of about $5k/year, essentially zero deductibles. You can get plans that are cheaper, but the deductibles are commensurately higher, so it evens out....even being healthy, we've found it's easy to grind through your deductibles just with basic doc visits. With the Advantage plans, you don't need a supplemental plan (our former supplemental plan came from United Healthcare as does our current Advantage plan...the usual suspects are everywhere.
Best advice is to stay healthy if you can.
My wife and I opted for a fairly deluxe plan which cost us a total of about $5k/year, essentially zero deductibles. You can get plans that are cheaper, but the deductibles are commensurately higher, so it evens out....even being healthy, we've found it's easy to grind through your deductibles just with basic doc visits. With the Advantage plans, you don't need a supplemental plan (our former supplemental plan came from United Healthcare as does our current Advantage plan...the usual suspects are everywhere.
Best advice is to stay healthy if you can.
Indoor66
Well-known member
Bingo on the staying healthy.
sagegrouse
Member
Medicare Advantage? Not for those with high medical expenses. Cost-sharing can get very, very expensive.
I think you may not be conversant with all the plans, Sage. Minimal cost sharing in ours and I know people on it with lots of issues. Zero complaints. But plans DO widely vary
With respect to when to claim Social Security benefits, here's a free online tool: https://opensocialsecurity.com/ Mike Piper is a CPA and a Boglehead. It seems like a great tool, to me. And it provides real benefit given the complicated rules about spousal benefit calculations -- providing an estimated best date for when each in a couple should file to maximize benefits (based on life expectancy). It seems he did a real public service doing the work to create this and then providing it to the world for free.
Indoor66
Well-known member
Check your family history on ages of deaths, consider your own health situation and do the math.