I’m 64, make $2,300/month working part time, but can’t afford Medicare Part B. Should I take Social Security now and have it come out of my check or wait until 66 and seven months?

What if you wait?

Taking Social Security before your full retirement age reduces your monthly benefits for life. If you claim at 64, you’ll receive just 82% of what you would have received if you’d waited till 67, and be stuck at that reduced rate for the rest of your life.

That might not seem like a big deal now, but fast forward 10 or 15 years, when you’re fully retired and more reliant on Social Security, and that reduced benefit could sting.

Delaying Social Security until you’re 67 or older means you’ll get a bigger monthly check for life. If you can hold off until 70, you’ll see even more growth receiving an extra 8% in benefits every month thanks to delayed retirement credits.

For many retirees, that extra cushion can make all the difference when inflation and health-care costs keep climbing.

But waiting comes with its own problem: How do you pay for Medicare Part B in the meantime?

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Alternative ways to cover Part B costs

If your current part-time income isn’t cutting it, there are a few ways to bridge the gap without slashing your future Social Security benefits.

Pick up extra part-time hours

If you can work a few extra hours each week, you might be able to cover Part B without dipping into Social Security. Even an extra $100 per week could be enough to bridge the gap, depending on your premium costs.

Tap an HSA (if you have one)

After you turn 65, you can withdraw money you’ve stashed in a Health Savings Account (HSA) tax-free to pay for Medicare premiums. It’s one of the few cases where withdrawals from an HSA won’t trigger taxes or penalties.

See if you qualify for Medicare savings programs

Medicare offers financial assistance programs to cover or reduce Part B premiums for low-income seniors. You may qualify for the Qualified Medicare Beneficiary (QMB) program — which would pay your Part B premium in full — if your income is below $1,325 per month ($1,783 for couples) in 2025. Other programs, like Specified Low Income Beneficiary and Qualifying Individual (QI), offer partial assistance.

Consider a Medicare Advantage plan

Instead of Medicare Part B + Medigap, some Medicare Advantage (Part C) plans roll medical and drug coverage into one package with lower premiums. While these plans come with restrictions, they can be a cost-saving alternative.

Look into Medicaid

If your income is very low, you might qualify for dual eligibility, where Medicaid helps pay for Medicare costs, including Part B. It’s worth checking with your state’s Medicaid office to see if you qualify.

The bottom line

If you absolutely can’t find another way to pay for Medicare Part B, claiming Social Security early might be the only realistic choice.

But if you can use one of these strategies to hold off claiming Social Security until you’re 67 or older, you’ll be setting yourself up for a more secure financial future. Remember, Social Security isn’t just a short-term solution, it’s a lifelong income stream.

So before you claim, make sure you’ve exhausted every other option. Your future self will thank you.