How Collecting Social Security Early Can Impact Your Affordable Care Act Subsidy

in this video:

For many Americans approaching retirement, financial planning means more than just maximizing savings and deciding when to claim Social Security. If you’re not yet eligible for Medicare and rely on health coverage through the Affordable Care Act (ACA), your Social Security claiming decision at age 62 could have a dramatic effect on your insurance costs. On the show this week, I explore the nuances of how your income, and especially the timing of your Social Security benefits, can impact your eligibility for ACA premium tax credits—and what you can do to avoid costly surprises.