Is Social Security raising the retirement age in 2024?
If you’re approaching 60, you may have questions about the retirement age in the United States with regard to Social Security and your Medicare eligibility. While no change has officially gone into effect, there is proposed legislation to increase the retirement age in the coming years. The legal retirement age determines when you are eligible to collect your full Social Security benefits, so it’s important to stay informed about potential Social Security changes, especially if you’re approaching retirement.
The current retirement age is 67 years old for those born in 1960 or after. However, people can start collecting partial payments at age 62. If certain proposed legislation passes, it would raise the full retirement age to 70. In this article, we’ll explore how raising the retirement age could affect your plans for Original Medicare enrollment so you’re prepared for potential changes ahead.
How does raising the retirement age affect Original Medicare beneficiaries?
Raising the retirement age in the U.S. may have a direct effect on Original Medicare beneficiaries. While the specific details of the proposed changes and their implementation will determine the specific impacts, increasing the retirement age could affect your plans for enrollment in Original Medicare.
For example, raising the retirement age to 70 would mean you may choose to stay in the workforce for longer and/or delay collecting your Social Security payments. Because you become eligible to enroll in Original Medicare at age 65, staying in the workforce until age 70 would affect how you approach your Original Medicare enrollment, as you may choose to remain on your employer coverage for more years.
Can you have Original Medicare and workplace insurance?
If your employer is a larger company with 20 or more employees, you’ll be able to remain on your current healthcare plan and delay your enrollment in Original Medicare. You may also decide to keep your employer coverage and double-up with Original Medicare. This can be a great option if you’re still in the workforce because Original Medicare can help fill in coverage gaps for your employer-provided insurance.
Let SelectQuote Help Answer Your Questions About Medicare Plans and Social Security Benefits
Potential legislative changes to the retirement age will likely leave you with many questions about Original Medicare plan enrollment. Luckily, SelectQuote is here to help. We have nearly 40 years of experience supporting people as they navigate the complexities of shopping for insurance. Contact us today to help answer any questions about Medicare Advantage coverage and to get a free, quick, and easy comparison of different Medicare Advantage plans.
