Quote:
Originally Posted by DAVES
Re: 62 for social security and 65 for medicare.
You no longer have the option to at 65 chose to pay back what you have collected and then take the higher 65 amount. You can, if you can afford to do so retire at 62 but not collect social security at 65. I regularly tease, all you need to know is when you will die, what will kill you, the rate of inflation and return on your savings and you can decide what makes the most sense to do. Only problem we know none of them.
Re: Medicare
It is spooky what private healthcare costs. If, you do not have coverage from employment a guess is for three years 25,000 a year or 75,000 that has to come from savings. OUCH.
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I have no intention of "paying back" at 65. I retired at age 59, because bursitis made it impossible for me to do my job, it was part time anyway, no pension, no 401k, and the health insurance they offered would have cost me more than I earned in my weekly paycheck. Thankfully, that qualified us for ACA subsidies so our premiums are significantly reduced.
Hubby's already been getting SS, plus his pension, and that's what we live on. We have some savings, but can't really add to it until my SS kicks in. So we're definitely needing to do that sooner rather than later.