If you collect Social Security retirement benefits before age 65, you will automatically be enrolled in Medicare when you turn age 65. However, more and more Americans are delaying the start of their Social Security retirement benefits because the payment becomes increasingly larger the longer one waits (up until age 70). In the course, many Americans are missing critical Medicare enrollment deadlines and, as a result, paying higher Medicare premiums FOR LIFE.
The Government Accountability Office (GAO)--the audit, evaluation, and investigative arm of Congress--recently released a report showing that a growing number of older Americans are saddled by student loan debt. Indeed, the rate of increase in older borrowers and the amount of their debt has rapidly surpassed that of younger student-loan borrowers. Further, borrowers age 50 and older have much higher rates of default on federal student loans than younger borrowers, loans that generally cannot be discharged in bankruptcy.