Hello, senior citizen! All those
years of paying your Social Security and Medicare taxes and
working hard are winding down. This is the decade you are
eligible to begin reaping the benefits of Social Security
and Medicare coverage. Here are the details.
Slices of life: 62,
collecting Social Security
You can begin receiving Social Security benefits at age 62.
But if you choose to do so before your full retirement age,
which is between ages 60 and 67 depending on your birth year,
your benefits will be reduced to account for the longer period
over which you'll be paid. You could come out ahead, depending
on how long you live.
Security: Now or later?
Sam says you're at a full retirement age
If you were born before 1938, you can collect your full Social
Security benefits. Those born in 1938 or later are not eligible
for full benefits until at least age 65 years and two months.
Baby boomers born between 1943 and 1954 will collect full
retirement after they turn 66. After that, the age will rise
in two-month increments until full retirement reaches 67 for
those born in 1960 or later.
Social Security benefits may be taxable, Make
sure your name and Social Security number match,
An older-worker's guide to getting a job,
Taxes on early-retirement benefits, IRS
warns: Watch out for these "dirty dozen" tax scams
Social Security disability
If you are receiving Social Security disability benefits when
you reach age 65, these benefits automatically convert to
retirement benefits, but the amount remains the same.
Eligible for Medicare insurance
If you or a spouse paid Medicare taxes while working, you'll
start to get Medicare insurance now. Even if you don't plan
to receive benefits right away, you still should sign-up for
Medicare three months before you reach age 65. Check out the
Web site for more details.