When you are about to turn 65, you will be happy to open the mail one day and have a Medicare care with your name on it. It is exciting to find out you will be able to have medical benefits for the rest of your life. If you have not applied for social security, this might be the time to do it. Medicare part A is free and you will have hospitalization. This is exciting news, but if you want coverage for Doctor care, you will have to buy Medicare part B. It is $115.40. You can have this amount withdrawn out of your bank account or it can be taken out of your social security.
You can get benefits starting at age 62, but they will be for a reduced amount. If you earn over a certain amount you will have to return some of the benefit money. For some people this is necessary to do and they realize they are taking a lower amount. When you reach the age of 66, you can take the full amount and work as many hours as you wish. There is no penalty.
The increased amount will depend on the year you were born. If you were born after 1943, you will have an increase of 8% for each year you waited. After the age of 70 the social security benefits will not increase. Social Security can provide valuable income for the older person. Most people will take their social security by the age of 66.