Medicare and Social Security planning advice for retirees

Financial expert Jini Thornton has provided guidance for retirees regarding Medicare open enrollment and Social Security benefits. The annual Medicare enrollment period runs from October 15 through December 7. While existing coverage typically continues automatically, beneficiaries are encouraged to review their plans to account for changes in costs or coverage.

When comparing plans, Thornton advises using Medicare.gov to look beyond monthly premiums. Families should consider specific prescription medications and regular doctors to estimate the total annual cost of healthcare.

Additionally, individuals approaching retirement should review their estimated Social Security benefits via SSA.gov. Benefits vary based on claiming ages, such as 62, 67, or 70, and some individuals may qualify for survivor or divorced-spouse benefits that exceed their own work record earnings.