Retirement for Those Born in 1955 or After

Retirement for Those Born in 1955 or After

Full retirement used to be age 65. Not so anymore. Starting in 1983, Congress passed amendments that included raising the full retirement age incrementally for those born after 1938.

So, for those of you born between 1943-1954, your full retirement age is now 66. You can retire as early as age 62, but you won’t receive your full benefits. Given the delay in the age to receive full benefits and a longer life expectancy, you may decide to continue working and delay retirement.

Please note that eligibility for Medicare is still available at 65, but if you are not claiming your Social Security benefits, Medicare will not automatically enroll you in Part A or Part B.

Medicare Enrollment Periods If You Are Covered through Employer at Age 65 

If you continue to work past 65 and are covered by employer-sponsored health care by an employer with more than 20 employees, you can wait to enroll in Medicare until you decide to retire.

However, if you are no longer covered by employer-sponsored health care due to active employment at age 65 and are covered by a group retiree plan, or are enrolled in COBRA, you have a limited time to enroll in Medicare in order to avoid delays in coverage and penalties.

Once your employment (or your employer/union coverage) ends,

  • You have 8 months to sign up for Part B without a penalty, whether or not you choose COBRA, and even though COBRA coverage can last up to 18 months.
  • If you already have COBRA coverage when you enroll in Medicare, your COBRA will probably end. If it doesn’t, COBRA will be your secondary coverage.

If you have questions about the enrollment periods for enrolling in Medicare Part A and Part B, contact SeniorChoices NW to speak with a local agent and schedule an appointment to ensure you avoid penalties and don’t have any lapses in coverage.

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Learn about the basics of Medicare, timeframes for enrolling, the differences between Medicare Supplement & Medicare Advantage, schedule individual appointments, and ask questions about the plans accepted by the provider.

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