Working After 65

Here’s a look at the financial and practical considerations involved.

RECEIVING SOCIAL SECURITY

Social Security, the federal government’s retirement safety net, usually kicks in at 65. However, you can work and still receive benefits. If you’re full retirement age — 65 — your earnings do not reduce your Social Security benefit. The Social Security

Administration offers a calculator so that you can see how any earnings may affect your potential benefit.

WORKING AND MEDICARE

Generally, Medicare says, if you have job-based health insurance for you or your spouse and you’re over 65, you don’t have to sign up for Medicare unless you lose that coverage, either through retirement of by some other means. If your employer has fewer than 20 employees, you may have to sign up for Medicare when you turn 65 regardless so you won’t have gaps in your coverage. Check with your employer to see.

Medicare will work with your existing insurance if you are over 65. Which plan pays first — Medicare or your job-based insurance — depends on how many employees the company has. And remember, Medicare has different plans, or parts, depending on your needs. Medicare Part A is hospital insurance and covers inpatient hospital stays, care in a skilled nursing facility, hospice and some home health care. Part B covers medical services like doctors, outpatient care and some preventive services. Medicare Part C, or Medicare Advantage is a plan that provides coverage through a private-sector health insurer. Part D is prescription drug coverage. You may not need to sign up for all the parts of Medicare.

AGE DISCRIMINATION

As you age, you may be more concerned about being discriminated against because of your age. The federal Age Discrimination in Employment Act forbids age discrimination against people who are 40 or older. It prohibits discrimination in any aspect of employment, including hiring, firing, pay, job assignments, promotions, layoffs, training, benefits and any other term or condition of employment. It also covers harassing a person because of their age, such as making offensive or derogatory remarks about a person’s age. Teasing isn’t covered, but frequent comments that create a hostile or offensive work environment is.