Social Security & Medicare

Your full retirement age (FRA) is the age when you can begin receiving full, unreduced Social Security benefits. If you were born in 1960 or later, your full retirement age is currently 67.

While claiming benefits before reaching your FRA permanently reduces your monthly payments, delaying them until after this milestone gives you a larger monthly benefit until age 70 (when Social Security benefits stop increasing).

When you decide to collect your monthly Social Security benefits, you must apply with the SSA either online, in-person, or over the phone by calling 1-800-772-1213.

While Social Security benefits are taxable, how much you’ll pay ultimately depends on your income from other taxable sources as well as where you live.

At the federal level, two primary factors determine if your Social Security benefits are taxable: your marital status and your annual combined income.

At the state level, currently nine states tax Social Security benefits uto varying degrees: Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, and West Virginia

You can only join, change, or drop a Medicare Advantage plan during specific enrollment periods: 

1. Initial Enrollment Period: This 7-month window starts 3 months before the month you turn 65 and ends 3 months after.

2. Medicare Open Enrollment Period: Every year from October 15 to December 7.

3. Medicare Advantage Open Enrollment Period: From January 1 to March 31 each year. During this time, you can switch to another Medicare Advantage plan or drop your plan and return to Original Medicare.

Typically, you must keep your Medicare Advantage Plan for the full calendar year starting on the date your coverage begins. However, if you experience certain life events—such as moving or losing other insurance coverage—you may qualify for a Special Enrollment Period to join, switch, or drop your plan.

Medicare Part A covers patient care in a hospital or skilled nursing facility, in-home hospice, and limited home healthcare services.

Individuals who enroll in Medicare automatically receive Part A and are typically not required to pay a monthly premium.

Medicare Part B covers medical services and supplies necessary to treat health conditions, including visits to doctors and other healthcare providers, medical equipment, and ambulance services. It also covers some preventive services (e.g., annual wellness visits, flu shots, and screenings for cancer, diabetes, and cardiovascular disease). 

Individuals who lack “creditable coverage” from another source (e.g., through an employer) are required to enroll in Part B. All other beneficiaries pay a monthly premium for Part B—starting at $202.90 in 2026