9 Things Most Retirees Don’t Know About Their Benefits

Delayed Retirement Credits: Retirees can increase their Social Security benefits by delaying their retirement beyond full retirement age (up to age 70). For each year of delay

Spousal Benefits: Married retirees may be eligible for spousal benefits based on their spouse's work record

Taxation of Benefits: Many retirees are unaware that a portion of their Social Security benefits may be subject to federal income tax

Medicare Enrollment Deadlines: Retirees must enroll in Medicare during their Initial Enrollment Period (usually around their 65th birthday) to avoid penalties.

Medicare Part B Premiums: The standard Medicare Part B premium amount may increase for retirees with higher incomes.

Medicare Advantage vs. Original Medicare: Retirees have the option to choose between traditional Medicare (Parts A and B) and Medicare Advantage (Part C) plans.

Required Minimum Distributions (RMDs): Retirees with tax-deferred retirement accounts, such as traditional IRAs and 401(k) plans, are generally required to take annual withdrawals

Social Security Earnings Test: Retirees who claim Social Security benefits before reaching full retirement age and continue to work may be subject to the Social Security Earnings Test.

Healthcare Costs in Retirement: Many retirees underestimate the cost of healthcare in retirement, including premiums, deductibles, copayments, and out-of-pocket expenses.

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