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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16547
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I am 65 and still working full time and hope to continue to

This answer was rated:

I am 65 and still working full time and hope to continue to do so for 4-5 more years. Do I need to sign up or notify the SS folks now? Is there a penalty for not registering now while I am still 65?

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

How are you today?

Megan C :

You will not reach full retirement age until 66, so that's when you would start to receive benefits (if you signed up).

Megan C :

You are not required to sign up at any time, and your benefits will continue to grow until you are 70

Megan C :

However, you will need to sign up for Medicare if you are not already drawing social security.

Megan C :

There's no penalty for not signing up for social security, but there can be penalties if you don't sign up for medicare and then try to sign up for it late (unless you have medical coverage through your employer, in which case you can postpone signing up).

Customer:

Thanks, XXXXX XXXXX medical coverage through my place of employment

Megan C :

That's good...then you do not have to sign up for medicare yet, and you will have 60 days after your coverage ends to get into Medicare

Megan C :

However, Medicare A is free so you might just want to get that for now

Customer:

Sorry, thinking

Megan C :

That's fine

Customer:

SO, I can find out about Medicare A through the SS website?

Megan C :

Yes you would just contact social security and let them know you would like to sign up for Medicare part A

Customer:

OK, I have had 'uninformed friends' scare me to say that I had to sign up somewhere. My wife is 58, she is unemployed. She just walked up and stated that some point she is eligible for spousal benefits [Have I used up my questions?]

Customer:

what is 'file and suspend?

Megan C :

Your wife couldn't draw benefits until she reaches 62

Megan C :

and file and suspend is where you file for benefits, and she then starts a spousal benefit, and then you suspend your benefit to allow it to grow until you are 70

Megan C :

Is there anything else I can help you with today?

Customer:

One last question, I would need to be 66 to do the file and suspend? and I have only a year to do so? [last question, and have a great day--thanks]

Megan C :

Yes, you would need to be 66 to do that. You can do it at any point you want to...66, 67, 68, 69 - there's no limit.

Megan C :

Also, once you have received the information you need, please rate me as "excellent" so that I may receive credit for assisting you today

Customer:

Awesome, have a great day.

Megan C and other Social Security Specialists are ready to help you
Bill,

Thanks so much for the positive rating! Please come back and visit me any time you have a tax, finance, or social security question. It was a pleasure working with you today.

Thanks again!