By David S Edge

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While assisting many folks and couples with  their selections of retirement planning options, we often run into pre-conceived notions about retirement, especially misinformation about Medicare. We will hear things like, “Well, my neighbor told me that her mother…. Or my cousin’s sister told us…”

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At times we just have to shake our heads!

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Marge and George were just such folks. We spent the first thirty minutes of their appointment dispelling all the things they thought they knew about retirement. Here is a short list of items we discussed.

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Marge stated they could get full Social Security retirement benefits at age 62.

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Correct answer: Full retirement age for Social Security is age 66. The benefit amount will be approximately 8% less for each year taken earlier. But you can take the discounted amount as early as age 62.

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 George thought that he didn’t have to get a Part D Prescription Drug Plan along with his Medigap plan because his HR department stated that Part D was voluntary.

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Correct answer: While Part D is voluntary, what his HR department rep didn’t explain was that for each month he didn’t have a Part D, he would be penalized later when he did add Part D. The penalty grows each month he doesn’t have his Part D, and this penalty never goes away!

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George’s HR department told him he had to turn on his Part A of Medicare when he turns age 65.

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Correct answer: If you continue to work with an employer coverage plan, you do not need to do anything.

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George also thought he could continue to contribute to his HSA