Janell Sluga Medicare & Individual Health Insurance Account Executive View Bio

 Question: I am turning 65 in April of 2025 and wondering about Medicare and Social Security Benefits. Should I be signing up now for Medicare and Social Security?

Answer: This is the second answer to this two-part question, so as I said last week, Happy Early Birthday!

Most of us understand you become eligible to file for Social Security Benefits when you are 62, and this age is considered early retirement. For those born in 1960 and after, Full Retirement Age (FRA) for Social Security Benefits is 67.

To collect Social Security, you must “file a claim” with the Social Security Administration (SSA). This contact with SSA can be via phone call, going to the local SSA office or using the www.ssa.gov website.

If you are comfortable with using the computer, the website might be a useful tool for you to use now and in the future. The SSA website allows you to create your own secure login at the www.SSa.gov/myaccount/ to access your own data. This login and password will enable you to return to this site any time you wish in the future, including when you file for Social Security benefits. Without a computer, you may contact SSA via their national number at 1-800-772-1213 or visit your local office.

Once you reach out to Social Security, you can learn what your actual benefits will be and when you can begin collecting those benefits.

As we said earlier, you are eligible to begin collecting Social Security at age 62 for early retirement benefits. This year you are turning 65, so still considered early retirement, but you could elect to collect your SS benefit anytime since turning 62.

How much you receive is based on your work history, using the best 35 years of earnings. As you are working throughout your life, your wages and taxes are put into the SSA System. This earnings record is then used to determine the amount you receive each month, once you file for Social Security Benefits. If you begin collecting Early Retirement Benefits (as early as age 62) you will receive less of a payment each month, but potentially more months of payments. If you wait until FRA at 67, you will collect the full amount based on your work history. If you do not collect until sometime after FRA, you will collect a higher monthly payment.

You can also continue to work AND collect SSA benefits. There are earning limits to be considered. If under FRA, as you are now, there is an earnings limit in 2025 of $23,400, which calculates to $1,950 per month. If you are working while collecting SSA early retirement benefits, and you earn more than $23,400, ($1950 monthly) your SSA benefits will be reduced by $1 for each $2 you earn above that amount. In the January of the year you reach FRA (for you is 2027), the earnings limit changes to $62,160, and your SSA benefits will be reduced by $1 for each $3 you earn. Once you reach FRA, you can work and collect SSA benefits with no limit on your earnings.

I advise individuals to use the SSA tools throughout their lives to determine their benefit amounts and when it is best to begin collecting Social Security. SSA staff are very good at explaining how YOUR numbers impact your filing for benefits decision. The website is also useful to track your numbers and how they can impact your decision on when it is best to collect Social Security Benefits.

If you are younger than 62, you can and should keep track of your situation with SSA. Be sure to check your work history against that of SSA, to ensure your wages were collected into their system and collected in the correct amounts. SSA will send you a report called “Your Social Security Statement” if you request this, or you can print it from the website. This report includes general information on Social Security and will include individual information on Your Estimated Benefits, Your Earnings Record and Social Security & Medicare Taxes paid by your and your employer.

You can go to the local SSA office closest to you or on the web at www.ssa.gov. I hope this information is helpful in helping you make that Social Security decision.

If you have questions or need assistance navigating your options, don’t hesitate to reach out to the Lawley Medicare Solutions Team. You can contact Medicare Service Team Lead Gabrielle Connor at 716.849.8223, or submit an inquiry through our contact form below. We’re here to help you find the right coverage for your needs!

At Lawley Medicare Solutions, our Medicare and Individual Health Consultants are dedicated to helping you make the most informed decisions about your healthcare needs. We offer personalized service and expert advice tailored to your unique situation. Contact us today by phone or email to schedule a consultation and ensure you’re getting the best coverage for your needs.

Read all Inside Medicare articles HERE.

LAWLEY HAS A TEAM DEDICATED TO MEDICARE INSURANCE!

Our licensed Medicare & Individual Health Insurance team can help clients understand the details of Medicare insurance plans, assist with choosing the right benefits and coverage, and provide guidance when life events that affect health coverage occur.

For questions, concerns, or to reach Lawley Medicare Solutions, call 716.849.8223.