Retirement Planning Guide

Retiring is a big—and exciting—step.

Regardless of where you’re at, it’s important to consider your personal needs, income sources, and what your health care options might be once you retire.

Here are key considerations, actions to take, and resources available—both within and outside of Mondelēz International (MDLZ)—to help you plan for retirement.

 

Retirement Checklists

Follow the steps in these checklists as you plan your retirement

You can also download and/or print the checklists using the button below.

 

Download the checklists >

Prepare for retirement

Select each section below for important considerations and actions to take one year, six months, 90 days, 60 days, and/or 30 days before you plan to retire. And, as you continue to approach retirement, check back here to ensure you’re meeting the steps in a timely manner.

Make a plan

Determine your retirement date.

When you’re comfortable sharing, let your manager know of your intent to retire. Together, decide the best approach to managing your transition to retirement.
As you plan, you may find these process-related details on the Employee Center helpful.

Check out your health and welfare coverages and retirement benefits currently in place, including those outside of MDLZ

Go to MyBenefits Online and revisit the health and welfare coverages you currently have as an active MDLZ employee.

Contact the Mondelēz International Retirement and Savings Plan Center at 1-866-612-4582 or visit the Fidelity NetBenefits website at www.netbenefits.com to determine if you’re eligible for a retirement benefit from a MDLZ-sponsored:

  • Defined benefit pension plan (pension benefit); and/or
  • 401(k) savings plan

Determine your Medicare eligibility by going to www.medicare.gov.

Learn more about potential Social Security retirement benefits at www.ssa.gov or call the Social Security Administration at 1-800-772-1213.

Update your personal information

Check that Workday accurately reflects your home address and phone number (if not, update your record). This will help ensure that you receive any benefit-related information that’s mailed to your home.

Ensure your primary email address is up to date on MyBenefits Online as well as on the Fidelity NetBenefits website. If you're currently using your Company email address as your primary email, you'll want to update that to a personal email address as you approach retirement, or once you've retired.

Make sure your beneficiary designations for any applicable bank account, pension benefit, 401(k) Savings Plan, insurance policy, Health Savings Account (HSA), and/or Health Reimbursement Arrangement (HRA) are up to date.

Submit a signed letter of resignation to your manager. You can do so in Workday (review the steps). Be sure to choose the retirement option and in the comments section, include that your resignation letter is part of the formal retirement process. If you and/or a covered family member are not yet age 65, review the pre-65 retiree medical coverage options and costs on MyBenefits Online. Consider which option and its relative cost may be best for you and your eligible family members going forward.

Review your pre-65 retiree medical coverage options (if eligible). Select what’s best for you and your eligible family members on MyBenefits Online. Note: You'll be able to enroll  starting on your retirement date.

Request a pension benefit estimate and/or start the pension benefit process (if eligible)*. You can do so by calling the Mondelēz International Retirement and Savings Plan Center or by logging into your account on the Fidelity NetBenefits website.

Apply for Medicare (if applicable). If you’re nearing, at, or older than age 65, apply for Medicare—if you haven’t already. Learn more at www.medicare.gov.

Determine when you want to begin receiving your Social Security benefits. This may be different timing than other benefits. Contact Social Security, if applicable. Learn more at www.ssa.gov.

*Take action no less than 30 days, and no more than 180 days before retiring. If less than 90 days, your payment may be delayed.

If you or a covered family member will be at least age 65 when you retire, make an appointment with the Post-65 Via Benefits Exchange. The Post-65 Via Benefits Exchange is our vendor partner offering you access to medical, prescription drug, dental, and vision plans. Licensed benefit advisors can inform you about the supplemental Medicare coverage options available and help you enroll.

Confirm your personal information, like your mailing address and phone number, is accurate with the Post-65 Via Benefits Exchange. Do so by calling 1-866-201-0758.

Ensure your personal and beneficiary (where applicable) information is updated.

Make your coverage decisions. Finalize any applicable:

  • Pre-65 retiree medical coverage elections
  • Post-65 supplemental Medicare coverage elections

Review your 401(k) Savings Plan distribution options. Think about your financial needs and expenses in retirement and consider discussing with a financial or tax advisor. Note that a retirement kit, which includes your distribution options, is mailed to your home within 10 days after your retirement date.

Call the Mondelēz International Retirement and Savings Plan Center. Make sure you understand and get answers to any questions you may have about your pension benefit (if applicable) and/or 401(k) Savings Plan account. You can also request a 401(k) Saving Plan distribution by phone.

Use the funds in your Health Care Flexible Spending Account (Health Care FSA) (if applicable). Your Health Care FSA coverage ends on the last day of the month in which you retire; unless you elect to temporarily continue coverage through COBRA.

This information is intended to provide high-level information regarding certain Company-sponsored retiree health and welfare coverages and retirement benefits. For more detailed information about the benefits available, please refer to the appropriate Summary Plan Descriptions (SPDs) and any corresponding Summary of Material Modification (SMM). As a reminder, the Company reserves the right to amend or terminate the retiree coverages and benefits that it sponsors at any time.

Retirement Planning Resources

Learn more about the resources available to help you plan for retirement.

LEARN MORE >

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Consider what happens to your other MDLZ benefits when you retire

LEARN MORE >

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Looking for more details about Medicare?

For more information, including how to enroll in Medicare, go to www.Medicare.gov and select the “Get Started with Medicare” box. Or call 1-800-MEDICARE (1-800-633-4227).

You can also contact the Post-65 Via Benefits Exchange online at my.viabenefits.com/mondelez, or by phone at 1-866-201-0758.

Pre-65 Health Care

Health care that continues to meet your and your family’s needs during retirement is important.

You’re eligible for MDLZ-sponsored retiree medical coverage, provided:

  • You’re at least age 55 on the day you retire; and
  • You’ve completed at least 10 years of service with the Company since your most recent hire date.

Pre-65 retiree medical coverage is also available to your spouse/domestic partner and/or other eligible family members who are younger than age 65. Each individual’s eligibility is based on their own age.

Any individual who is or subsequently becomes Medicare-eligible can shop and choose supplemental Medicare coverage through the Post-65 Via Benefits Exchange. The Post-65 Via Benefits Exchange mails information about coverage options to those who are eligible.

The Mondelēz Global Pre-65 Retiree and Long-Term Disability Medical Plan (the “Pre-65 Plan”) offers retiree medical and prescription drug coverage options like those offered to you as an active employee.

MDLZ-sponsored retiree dental and vision coverage isn’t available. You can, however, temporarily continue the dental and/or vision coverage you have as an active employee through COBRA. Learn more about COBRA continuation coverage in the section below.

Also, consider what happens to your other benefits when you retire–learn more here.

Your cost for retiree medical coverage depends on the coverage and carrier options you select, who you enroll, where you live, and whether you’re eligible for a Company subsidy. Here's more information about how you make payments and who's eligible for a Company subsidy.

Electronic payments

You pay for your coverage electronically from your bank account. Your cost is deducted from your account on the 5th of each month (or the next business day if the 5th is on a weekend or holiday).

If your required monthly payments aren’t received when due, coverage for you and any enrolled family members ends as of your last paid-through date.

Eligibility for Company subsidy

The Company pays a portion of your monthly retiree medical coverage premium if you:

  • Are a legacy Kraft Foods employee hired before January 1, 2004, OR a legacy Cadbury employee hired before January 1, 2012; AND
  • Reached age 55 with at least 10 years of service with the Company by December 31, 2019.

If you don't meet these requirements, you aren't eligible for the Company subsidy. As a result, you'll pay the full cost of coverage if you decide to enroll.

Note: If you retired after January 1, 2024, any funding that you may be eligible for will sunset at the end of 2029. From that point forward, you'll pay the full cost of coverage if you decide to enroll.

  • Review your retiree medical coverage options: Once your retirement status is processed in the system, the Mondelēz International Benefits Center mails you instructions on how to enroll (if you haven’t done so already).  You can review your coverage options on MyBenefits Online beginning 90 days before your retirement date.
  • Enroll: For coverage to begin on your retirement date, you need to make your elections within the 30 days following your date of retirement. Go to MyBenefits Online or call the Mondelēz International Benefits Center at 1-800-887-8807 (Option 1 – Benefits; Option 1 – Health & Welfare Benefits). You must actively enroll for retiree medical coverage.
  • Avoid a coverage gap: If you enroll within 30 days after your retirement date, you won't have a gap in coverage:
    • Active coverage: Ends on the last day of the month in which your employment ends.
    • Retiree medical coverage: Begins (retroactively) on the first of the month on or after your retirement date.
  • You may enroll after the initial 30-day enrollment period. If you do, coverage takes effect at a later date and is prospective only.

After you enroll, you receive additional information—including your new retiree medical coverage ID card(s) directly from your carrier.

When your active medical, dental, and/or vision coverages end due to your retirement, you can opt to continue coverage(s) through COBRA (typically for up to 18 months). You’re not, however, allowed to enroll in retiree medical coverage concurrent with COBRA continuation medical coverage. So, for example, if you elect medical coverage under COBRA, you must delay enrolling in coverage under the Pre-65 Plan. You can, however, enroll in the Pre-65 Plan for medical coverage and elect COBRA continuation coverage for dental and/or vision coverage. COBRA coverage information is mailed to your home address within two weeks after your last day of work.

If you enroll, you pay the full cost of COBRA coverage. Any eligible expenses you incur continue to count toward your active coverage option’s deductible and out-of-pocket maximum. In addition, if you elect to continue medical coverage through COBRA, you and your family members may continue to use the Employee Assistance Program (EAP) for 18 months. EAP coverage is automatically included, at no additional cost. For more information, contact your EAP provider, Magellan Healthcare, at 1-800-327-4581.

Once you (or your enrolled spouse/domestic partner) become Medicare-eligible, you're no longer eligible for the Pre-65 Plan. You can choose supplemental Medicare coverage through the Post-65 Via Benefits Exchange—our vendor partner in offering access to individual insurance coverages. The Post-65 Via Benefits Exchange can provide more information, including whether you're eligible for Company funding toward your post-65 health care costs.

Before your 65th birthday, you'll receive more information about your coverage options and the steps to take to enroll in Medicare Part A, Part B, and supplemental Medicare coverage. Note: If you plan to enroll in a Medicare Supplement or Gap Plan and aren't already enrolled in Medicare Part D, be sure to enroll when you become Medicare-eligible (otherwise, you may pay a penalty). The effective date of any Medicare coverage varies depending on when you enroll.

Additional information

  • Medicare: Including how to enroll, when coverage takes effect, and how Medicare benefits coordinate with other coverages, contact the Social Security Administration at 1-800-633-4227 (you can also visit their website at www.ssa.gov/medicare).

Retiree medical coverage is not a continuation of active coverage

Even if you enroll in the same coverage option as a retiree, you must start over with a new deductible and out-of-pocket maximum. So, depending on whether you’ve satisfied your deductible and/or met your out-of-pocket maximum for the calendar year as of your retirement date; you may want to continue your active medical coverage under COBRA through the end of the calendar year in which you retire.

In addition, if you’re receiving treatment when you start retiree medical coverage with a new carrier and your current medical provider isn’t in-network, the new carrier may still consider your current care as “in-network care” for a period of time. This is called “Transition of Care.”

Post-65 Health Care

Health care that continues to meet your and your family’s needs during retirement is important. If you’re age 65 or older and Medicare-eligible, you can elect supplemental Medicare coverage through the Post-65 Via Benefits Exchange.

Coverage through the Post-65 Via Benefits Exchange is also available to your spouse/domestic partner and/or other eligible family members who are age 65 or older. Each individual’s eligibility is based on their own age.

Any individual who is or subsequently becomes Medicare-eligible can shop and choose supplemental Medicare coverage through the Post-65 Via Benefits Exchange. The Post-65 Via Benefits Exchange mails those eligible information about their coverage options.

Once you turn age 65, you’re eligible for Medicare. Medicare is a health insurance program, including hospital insurance (Part A) and medical insurance (Part B), offered by the federal government. Medicare doesn’t cover all your expenses, however, so you may decide to buy supplemental Medicare coverage.

Supplemental Medicare coverage

The Post-65 Via Benefits Exchange—our vendor partner—offers you access to a variety of medical, prescription drug, dental, and vision plans that can either supplement (or replace) your Medicare coverage. They can also help you understand your options, provide guidance, and enroll.

Your supplemental Medicare coverage cost depends on the type of plan you select and whether you're eligible for Company funding toward your post-65 health care costs (see the About costs section below). A licensed benefit advisor from the Post-65 Via Benefits Exchange can work with you to select plans based on your medical and financial needs.

The Company will provide funding toward your post-65 health care costs if you:

  • Are a legacy Kraft Foods employee hired before January 1, 2004, OR a legacy Cadbury employee hired before January 1, 2012; AND
  • Have reached age 55 with at least 10 years of service with the Company by December 31, 2019.

If you don't meet these requirements, you aren't eligible for Company funding. As a result, you'll pay the full cost of the supplemental Medicare coverage(s) you decide to enroll in through the Post-65 Via Benefits Exchange.

Note: If you retired after January 1, 2024, any funding that you may be eligible for will sunset at the end of 2029. From that point forward, you’ll pay the full cost of coverage if you decide to enroll.

  • Enroll in supplemental Medicare coverage through the Post-65 Via Benefits Exchange by calling 1-866-201-0758 (representatives are available Monday through Friday, 7:00 a.m. to 8:00 p.m., Central Time). Schedule an appointment with a licensed benefit advisor 60 days before your retirement.
  • Enroll before your retirement date, so you don't have a gap in coverage:
    • Active coverage: Ends on the last day of the month in which your employment ends.
    • Medicare coverage: Begins the first of the month in which you turn age 65, provided you enroll before the month in which you turn age 65. If you enroll the month in which you turn age 65 or during the three months after, coverage begins the first day of the next month.
    • Supplemental Medicare coverage through the Post-65 Via Benefits Exchange: Begins the first of the month on or after your retirement date.

When your active medical, dental, and/or vision coverages end due to your retirement, you can opt to continue coverage(s) through COBRA (typically for up to 18 months). You're not, however, allowed to enroll in supplemental Medicare coverage (for medical, dental, and/or vision) through the Post-65 Via Benefits Exchange concurrent with COBRA continuation coverage. So, for example, if you elect medical coverage under COBRA, you must delay enrolling in supplemental Medicare coverage (for medical coverage) through the Post-65 Via Benefits Exchange. You can, however, in this case still enroll in supplemental Medicare coverage (for dental and/or vision coverage) through the Post-65 Via Benefits Exchange instead of through COBRA. COBRA coverage information is mailed to your home address within two weeks after your last day of work.

If you enroll, you pay the full cost of COBRA coverage. Any eligible expenses you incur continue to count toward your active coverage option's deductible and out-of-pocket maximum. In addition, if you elect to continue medical coverage through COBRA, you and your family members may continue to use the Employee Assistance Program (EAP) for 18 months. EAP coverage is automatically included, at no additional cost. For more information, contact your EAP provider—Magellan Healthcare—1-800-327-4581.

To avoid a permanent Medicare Part B Late Enrollment Penalty, you must enroll in Medicare Part B:

  • When you're first eligible; or
  • If later, during the eight-month Medicare Special Enrollment Period (SEP) following the date your MDLZ-sponsored coverage as an active employee ends.

Electing COBRA doesn’t extend this timeline.

Read more detailed information in the Medicare & Supplemental Medicare Coverage section of this page.

Medicare and Supplemental Medicare Coverage

If you’re age 65 or older and eligible, Medicare and supplemental Medicare coverage through the Post-65 Via Benefits Exchange can help ensure you have the health care coverage you need in retirement.

Medicare is a health insurance program offered by the federal government. You may be eligible for Medicare if:

  • You’re age 65 or older;
  • You’re younger than age 65 and have a disability; or
  • You have End-Stage Renal Disease or ALS.

Medicare coverage includes:

Part A: Hospital insurance
Includes coverage for:

  • Inpatient hospital stays
  • Care provided in a skilled nursing facility
  • Hospice care

You don’t pay a premium for Part A coverage, if eligible.

Part B: Medical insurance
Includes coverage for:

  • Services provided by your doctors and other health care providers
  • Outpatient care
  • Home health care
  • Preventive care

You pay a premium for this coverage.

Medicare Parts A and B cover limited—if any—prescription drug, dental, and vision care services. For this reason, consider purchasing Medicare Supplemental Insurance (Medigap) with a Part D Prescription Drug plan, or a Medicare Advantage plan to bridge the coverage gap.

Supplemental Medicare coverage

You can shop and choose coverage from a variety of medical and prescription drug plans through the Post-65 Via Benefits Exchange, our vendor partner. These plans are designed to either supplement or replace your Medicare coverage. You also can purchase dental and vision coverages.

A Medigap policy paired with a Part D Prescription Drug plan works with Medicare Parts A and B. The Medigap policy helps pay for out-of-pocket health expenses, such as copays and coinsurance, and costs Medicare doesn't cover. The Part D Prescription Drug plan helps pay for prescription drug costs.

Keep in mind—Medigap and Part D plans don't cover dental or vision services, nor do they cover hearing aids. A combined dental, vision, and hearing plan covers these services and protects against unexpected expenses.

Key features

  • Coverage works alongside Medicare Parts A and B
  • You’re able to purchase Part D plans for prescription drugs separately
  • Higher premiums than Medicare Advantage plans
  • Lower copays and coinsurance than Medicare Advantage plans
  • You can see any provider that accepts Medicare without a referral
  • You can add dental, vision, and hearing insurance coverages separately

Known as Medicare Part C, a Medicare Advantage (MA) or Medicare Advantage with Prescription Drug (MAPD) plan combines Medicare Parts A and B and operates as an all-in-one plan. Both plans have networks, so you'll want to check if these plans include your preferred doctors.

Key features:

  • Coverage combines Medicare Parts A and B, and serves as an "all-in-one" plan
  • An MAPD plan combines medical and prescription drug coverage
  • Zero or lower premiums than Medigap plans
  • Higher copays and coinsurance than Medigap plans
  • You're charged preferred rates for in-network providers
  • Some plans cover dental and vision services, gym memberships, transportation services, meal delivery, and may offer other benefits

If you're eligible, the Company helps to fund your supplemental Medicare coverage when you enroll in an individual plan through the Post-65 Via Benefits Exchange. You receive an annual monetary credit amount under a retiree Health Reimbursement Arrangement, which you can use to help pay for the supplemental Medicare coverage you choose (including dental and vision) or other medical-related expenses.

The Post-65 Via Benefits Exchange can provide you with more information about your retiree Health Reimbursement Arrangement eligibility and amount, if applicable, when it's time to enroll. If you aren't eligible, you're responsible for the full cost of supplemental Medicare coverage. You'll receive more information about how to pay for coverage at retirement.

Want to learn more about supplemental Medicare coverage?

For more information, contact the Post-65 Via Benefits Exchange online at my.viabenefits.com/mondelez, or by phone at 1-866-201-0758.

How to Enroll: Medicare and Supplemental Medicare Coverage

You’re eligible for Medicare on the first of the month in which you turn age 65 (if your birthday is the first of the month, you’re eligible the first of the prior month). To enroll, go to Medicare.gov. A few things to keep in mind:

  • When you’re first eligible, there’s a seven-month Initial Enrollment Period. This period begins three months before the month in which you turn age 65, and it ends three months after the month in which you turn age 65.
  • You can sign up for Medicare Part A any time during your Initial Enrollment Period (you generally don’t pay a premium for this coverage).
  • Since you do pay a premium for Part B coverage, you may not want to enroll until your coverage as an active employee ends. To avoid a permanent Medicare Part B Late Enrollment Penalty, however, you must enroll in Medicare Part B:
      • When you’re first eligible; or
      • If later, during the eight-month Medicare Special Enrollment Period (SEP) following the date your MDLZ-sponsored coverage as an active employee ends.
  • If you don’t sign up for Medicare Part A and/or Part B during your Initial Enrollment Period or Special Enrollment Period, there’s a General Enrollment period between January 1 and March 31 each year. Keep in mind, you (and your spouse) may have to pay a life-long penalty for late Medicare enrollment if there’s a gap between coverage based on your (or your spouse’s) employment and the start of your Medicare coverage. Continuation coverage under COBRA and retiree coverage doesn’t count as coverage based on current employment status.
  • You can enroll or make a change during the annual General Enrollment period. And, you may be eligible to change your coverage during a Special Enrollment Period if certain life events happen—for example, you move or lose your insurance coverage.

For more information, including how to enroll in Medicare, go to Medicare.gov and select the “Get Started with Medicare” box. Or call 1-800-MEDICARE (1-800-633-4227). You can also contact the Post-65 Via Benefits Exchange online at my.viabenefits.com/mondelez, or by phone at 1-866-201-0758.

Sixty days before you retire, call the Post-65 Via Benefits Exchange and schedule an appointment with a licensed benefit advisor. Your advisor can inform you about the coverage options available and help you enroll. You may enroll online, however, you’re encouraged to enroll by phone so that a benefit advisor can assist you.

Once you enroll, supplemental Medicare coverage takes effect the first of the month on or after your retirement date. For example, if you plan to retire effective May 1 and you work at least one day in April, your active employee coverage continues through April 30 and your supplemental Medicare coverage takes effect on May 1. You’ll want to enroll for Medicare and supplemental Medicare coverage(s) effective May 1.

A few weeks after you enroll, you receive additional information—including your new retiree medical insurance cards directly from your carrier(s). Even though you have a direct relationship with your carrier(s), the Post-65 Via Benefits Exchange continues to be your advocate for supplemental Medicare coverage after your enrollment.

What to expect from the Post-65 Via Benefits Exchange

  • Personalized, step-by-step guidance: The Post-65 Via Benefits Exchange offers easy-to-use online tools and licensed benefit advisors to help you better understand your options and select the supplemental Medicare coverage that fits your needs.
  • Knowledgeable assistance: Licensed benefit advisors specialize in Medicare and go through annual training and certification to help you make better informed and more confident decisions.
  • Quality plan options: Leading national and regional insurance carriers ensure you’re able to choose from quality plans available in your area.

Retiree Income

Being financially prepared for retirement is important

While you’re working, your paycheck is likely your primary source of income. When you retire, your income comes from sources like your MDLZ 401(k) Savings Plan, possibly a pension plan, and Social Security—in addition to your own personal savings. It’s important to understand these sources and how to begin receiving income from them once you retire.

Confirm your eligibility for an MDLZ pension and/or 401(k) Savings Plan benefit

Contact the Mondelēz International Retirement and Savings Plan Center at 1-866-612-4582 to determine if you’re eligible. Representatives are available Monday through Friday, 7:30 a.m. to 7:30 p.m. (Central Time).

Eligibility

You may be eligible for a pension benefit if you're a legacy:

  • Kraft Foods employee hired before January 1, 2009; or
  • Cadbury employee hired before January 1, 2007.

Starting your pension benefit: You have two options—take action no less than 30 days and no more than 180* days before you retire:

  • Call the Mondelēz International Retirement and Savings Plan Center. When you call, request a Retirement Benefits Coordinator who can help guide you and be your point of contact throughout the entire process.
  • Log on to the Fidelity NetBenefits website. Once online, go to the Quick Links tab, select How to Collect Your Pension, and follow the step-by-step process. You may be able to complete the entire process for starting your pension benefit via this online option.

You'll then receive a pension estimate and will be asked to:

  • Select a payment option;
  • Elect a pension start date; and
  • Provide all the necessary information to begin your pension benefit.

The Mondelēz International Retirement and Savings Plan Center will calculate your final benefit, which will be shown on your final calculation statement. Depending on the payment option you elect, you'll receive your first monthly pension payment (or lump sum payment) within 30 days of your benefit start date.

*If you take action less than 90 days before you retire, your payment may be delayed.

If your 401(k) Savings Plan vested account balance is more than $1,000, you may elect to receive a distribution upon retirement or later. Fidelity Investments® will mail you a retirement kit within 10 days after your retirement date. The kit will include information regarding your distribution options. You can also call the Mondelēz International Retirement and Savings Plan Center to learn more about your options, or to request a distribution.

If your vested account balance is $1,000 or less, you'll automatically receive your distribution as a lump sum.

If, as an active employee, you have an HSA through the Company, upon retirement you may continue to use your funds—including your NetBenefits® Access Card (a debit card). Your HSA will continue as an individual account with Fidelity, but you’ll be responsible for any account-related fees since it’s no longer a Company-sponsored HSA. Of course, you’re free to transfer your HSA to another financial HSA custodian.

Don’t forget about Social Security!

Social Security is a government-sponsored program. It’s an initial level and important part of your retirement income. Learn more in the Social Security section on this page.

Social Security

A government-sponsored program

Social Security is funded by the taxes paid by you and your employers. The Social Security benefits you receive are based on:

  • Your pay throughout your career;
  • The length of time you've worked; and
  • When you elect to start drawing your benefit.

While Social Security is an important part of your total retirement income, this benefit typically provides only a portion of your income during retirement.

Starting Social Security benefits

The soonest you can receive your Social Security retirement benefit is age 62. However, if you take your benefit before your full Social Security retirement age of 65 to 67 (your age is dependent on the year you were born), your benefit is reduced. In contrast, if you delay your payment beyond full retirement age, you may increase your benefit amount. The benefit doesn’t increase beyond age 70.

Keep in mind, when you initiate your Social Security benefit and are age 65 or older, you’re automatically enrolled in Medicare if you’re not already enrolled.

Learn more

Visit www.ssa.gov to calculate your Social Security retirement benefits and find your full retirement age.