Since basic Medicare insurance coverage only pays 80%, a senior who doesn’t have substantial savings may need to work to get supplementary insurance. Working may allow seniors to receive from their job or purchase a secondary insurance plan to pay the other 20 percent not covered by Medicare.
Another advantage of working is gaining financial independence. By bringing in more money, seniors won’t have to rely on their families. Working also helps combat isolation by providing opportunities for socialization.
Drawbacks of Working as a Senior Citizen
There are several drawbacks to working after reaching senior citizen age. For one thing, continuing to work part-time can affect one’s pension since your pension depends on your earnings close to retirement.
In addition, if a senior citizen collects social security benefits at age 62, their benefits may be reduced if they earn over the limit allowed by social security which is $14,640.
The Social Security website reports for every $2.00 earned over the social security limit, your retirement check will be reduced by $1.00. As you can see, it’s important to strongly consider your options before making the decision of taking on employment when you retire.
What Age Can I Apply for Medicare?
The United States government provides Medicare health insurance when seniors become 65 years of age. The enrollment period begins three months before their 65th birthday and only lasts seven months.
For example, if you’re turning 65 in April of 2020, you may enroll in Medicare in February 2020. However, make sure not to wait too long to enroll. You’ll have until July of that year. If you enroll beyond this period, you may be subject to a penalty.
Should Seniors Enroll in Private Health Insurance?
If you prefer private health insurance to public health insurance, you may opt to enroll in a private insurance company.
Some seniors enroll in both Medicare and a private health insurance company to cover their Medicare premiums and coverages not paid by Medicare.
Senior Citizen Age Trivia
Let’s see how much you know about being a senior citizen. Take our senior citizen age trivia.
At What Age Can You Earn Unlimited Income on Social Security?
This is a bit of a tricky question because it depends on your date of birth. In short, once you reach full retirement age, your earnings will no longer reduce your Social Security benefits.
| Year of Birth | Full Retirement Age |
|---|---|
| 1937 or earlier | 65 |
| 1938 | 65 and 2 months |
| 1939 | 65 and 4 months |
| 1940 | 65 and 6 months |
| 1941 | 65 and 8 months |
| 1942 | 65 and 10 months |
| 1943 – 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
| If you were born on January 1st of any year you should refer to the previous year. (If you were born on the 1st of the month, SSA figures your benefit (and your full retirement age) as if your birthday was in the previous month.) | |
What Age Can You Get Medicare?
Do you know when the Medicare plan covers most seniors? How old do you typically need to be to get Medicare benefits?
(click correct answer)
When Must You Take Required Minimum Distribution?
So you saved for retirement with a 401k, IRA, or another retirement account? Guess what, it can’t stay in that account forever unless you want to pay a penalty excise tax. What age do you have to start making withdrawals from your retirement accounts?
(click correct answer)
The Final Facts About Senior Citizen Age
Now you know some essential facts about determining senior citizen age.
As you can see, there is more than one answer to the question, “what age will I become a senior citizen?”
Looking for more informative content for seniors? Explore our the Suddenly Senior blog for articles, great senior stories, trivia, jokes, and a whole lot more.
