Patricia retires at 66 and consolidates her benefits

Cascade timeline

1. 1

   Social Security retirement benefit election

   Computes the Primary Insurance Amount from the 35 highest-earning indexed years per 42 USC § 415(b) and the AIME formula, applies the delayed retirement credit per 42 USC § 402(w) if she filed past full retirement age, and projects monthly benefit.

   economic-welfare
2. 2

   Medicare Part A and B enrollment

   Initiates the Initial Enrollment Period under 42 USC § 1395p, auto-enrolls Part A (premium-free for 40 quarters of coverage per 42 USC § 1395i-2), and elects Part B with the income-related monthly adjustment per 42 USC § 1395r(i).

   healthcare
3. 3

   ACA marketplace termination

   Cancels the marketplace plan effective the first day of Medicare coverage per 26 USC § 36B(c)(2)(B) to avoid the Premium Tax Credit clawback, and confirms no overlap month.

   healthcare
4. 4

   Withholding and Required Minimum Distribution planning

   Files Form W-4V for Social Security withholding per 26 USC § 3402(p), schedules the Required Minimum Distribution from her traditional IRA per 26 USC § 401(a)(9) (SECURE 2.0 age 73 trigger), and re-estimates state tax under the retirement-income exclusion where applicable (e.g. NY § 612(c)(3-a)).

   tax
5. 5

   Section 8 interim recertification

   Triggers an interim recertification per 24 CFR § 982.516 so the Tenant Total Payment reflects the new fixed-income household, and reviews the elderly household income disregard ($400/yr) per 24 CFR § 5.611(a).

   housing
6. 6

   VA pension and Aid & Attendance review

   For veteran retirees, screens for the VA Improved Pension per 38 USC § 1521 and the Aid & Attendance enhancement per 38 USC § 1521(d) if she needs assistance with activities of daily living.

   veterans
7. 7

   Self-employment wind-down

   Closes Patricia's sole-proprietor consulting EIN with the IRS per IRC § 6109 if she stops self-employment, files final Schedule C, and confirms no further estimated-tax payments are required.

   business-commerce
8. 8

   Property tax senior exemption

   Surfaces state senior-citizen property tax exemptions (e.g. CA Prop 19 base-year value transfer per Cal Rev & Tax Code § 69.6, NY Senior Citizens Exemption per RPTL § 467, FL Senior Exemption per Stat § 196.075) and schedules the application window.

   tax