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Early retirement - A big step

Posted: Jun 3rd, 2020 - 5:02 pm In Reply to: Has anyone applied for early retirement this year - Do you mind sharing the process

You did not state your age. 62 is the earliest you can receive benefits but it will increase the longer you are able to postpone it. I applied this year, just a few months in advance of my full retirement age, and will get my first payment in a couple of weeks. It takes 3 months for them to process your claim. I am going to work part-time for a while and can stay on my employee insurance. I did get Medicare part A and B when they offered it at 65 and will purchase a supplement when I stop working. They issue checks a month behind the actual date; for example, your July check would arrive in August. Something to remember is that your Medicare part B payment comes directly out of your check when you turn 65, so your income will reduce later. My premium without a supplement is $144. Based on your age, you will need to purchase your own health insurance until you are eligible. You apply on line and I thought it was pretty easy. In the months leading up to your date you will get lots of info in the mail. I hope this was helpful.

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