Do you think 65 is the best age to get Social Security? Here’s why you should reconsider that plan.

There are many choices to consider when signing up for Social Security. You can apply as early as age 62, or you can delay claiming until age 70 for the maximum monthly benefit you could receive based on your personal income history. In fact, you can apply for Social Security even after age 70. Even if it doesn’t make financial sense to do so.

If you plan to enroll in Medicare at age 65, you may decide to apply for Social Security at age 65. But filing for Social Security at age 65 is a move you may regret.

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If there is a risk of insufficient income

You can begin receiving Medicare coverage as early as age 65, and you can actually sign up a few months before your 65th birthday. If you don’t have access to health insurance through your job or your employer has poor coverage, signing up for Medicare at age 65 can be a very smart choice.

But one thing to keep in mind is that you don’t necessarily have to sign up for Social Security and Medicare at the same time. It is possible to be a Medicare enrollee for several years before starting Social Security. And waiting to file for Social Security after age 65 could greatly benefit your retirement finances.

Depending on your earnings history, you may be eligible to receive your full monthly Social Security benefit at your full retirement age (FRA) (age 66, 67, or somewhere in between). So, if you claim Social Security at age 65, your monthly benefit will automatically be reduced by some amount.

Of course, the hit to your benefits won’t be as drastic as the hit you’ll take by filing your taxes at age 62. But even then, it can be very difficult to delay claiming Social Security until FRA or later. You have to pay a lot of money to do that.

The savings you bring with you to retirement can be depleted throughout your life. Social Security, on the other hand, guarantees monthly benefits for life. Therefore, the higher the number, the more financial security you will enjoy. Plus, if you’re short on savings, delaying your Social Security claim can be very helpful.

How to sign up for Medicare on your own

Since registering for Medicare online requires you to go to the Social Security Administration website, you may be inclined to think that if you sign up for the former, you should also sign up for the latter. But rest assured, you still have the option to enroll in Medicare if you are not yet ready to receive Social Security benefits.

Now, if you have Medicare without Social Security, you will have to pay your monthly Part B premium out of pocket. Social Security subscribers have the premium deducted from their monthly benefits. But this isn’t really a big deal, and Medicare gives you the option to make these payments automatically.

So if you decide not to sign up for Social Security at age 65 because of the hit to your monthly benefits, don’t sign up. And you don’t have to worry about it affecting your Medicare enrollment.