Social Security
I’m sixty six and my wife is sixty one. We both work full time, and she now makes more money than me. I plan on going part time or completely retiring in June of 2025. When I take social security and full Medicare, how will that affect her future benefits? She doesn’t plan on retiring for another five years and has health insurance through her company. Thank you
Terry Says
Her benefits will be calculated separately on her own account. They will have nothing to do with yours — unless you die. In that case, she will get the higher or the two benefits.
You should each plan to work until Full Retirement Age, so your benefits are not reduced. If you’re both working, you may find yourself paying a higher premium for Medicare Part B and D. (See my recent column on IRMAA.)
And when you do retire, be sure to sign up for Medicare a month before you retire, so there is no gap in benefits. At that time, buy Supplement G (the most comprehensive) and sign up for Part D at Medicare.gov — even if you are not taking any prescription meds.
She will continue working and using her work insurance until she is ready to go through this process.
