In the coming years, a large number of baby boomers will turn 65, prompting important decisions about Medicare and Social Security. When to enroll in Medicare's hospital and medical coverage and when to claim Social Security benefits are crucial choices with significant financial implications. Medicare Advantage offers additional benefits but may come with trade-offs compared to traditional Medicare. Social Security benefits are reduced for early claims before full retirement age, and increased for delays in claiming up to age 70.
As the retirement age of 65 becomes outdated, experts debate potential changes to Social Security. One suggestion is raising the retirement age to address the program's looming shortfall. However, critics argue that this would disproportionately affect those with health issues or limited job opportunities. Alternatives being considered include raising the minimum benefit or adjusting the system to automatically account for increased longevity. Ultimately, the goal is to enable workers to retire comfortably on their own terms while ensuring the program's long-term sustainability.
