It's Time For Medicare (whether I want it or not)

[Gale Hawkins]

Seniors May Face $10.5 Billion More in Social Security Taxes in 2022 -- Here's Why | The Motley Fool

I am glad the billions we pay on SS benefits goes back into the SS fund. The more I think about it the happier I am paying taxes on Social Security benefits. Being able to pay taxes is usually better than having low income.

 

[Fuddy1952]

Doesn't make any sense to me...paying out just to go back in. If someone worked paying into SS for years as well as taxes it doesn't make sense to once again pay taxes on money you paid into.
I know so many who finally started receiving SS then passing away so they never got their benefit.
What gets me is supporting those able bodied who don't work, or abuse the system, paying prisoners (people on death row 10 years?!?).
Paying taxes for police, firemen, infrastructure, etc is fine...just don't milk seniors based on money they never see (cap gains).

 

[JDZ735M]

Doesn't make any sense to me...paying out just to go back in. If someone worked paying into SS for years as well as taxes it doesn't make sense to once again pay taxes on money you paid into.
I know so many who finally started receiving SS then passing away so they never got their benefit.
What gets me is supporting those able bodied who don't work, or abuse the system, paying prisoners (people on death row 10 years?!?).
Paying taxes for police, firemen, infrastructure, etc is fine...just don't milk seniors based on money they never see (cap gains).

I know one young female Army vet who claims PTSD for a 70% disability rating and I know there was nothing wrong with her when she discharged that wasn't wrong with her when she enlisted. She is a scammer and will be all her life.

 

[Doofy]

I know one young female Army vet who claims PTSD for a 70% disability rating and I know there was nothing wrong with her when she discharged that wasn't wrong with her when she enlisted. She is a scammer and will be all her life.

and...Tax-Free at that!

 

[Gale Hawkins]

5 years ago when I hit FRA at 66 the SSA projected a 25% cut in SS benefits 15 years down the road. With some quick math I figured out if I would go ahead till 70 increase my payout by 32%, then after I took a 25% cut I would be back to still down to what I would have drawn if I had retired at 66.

If one spouse has a professional paying job after the other one retires at FRA it's kinda financial suicide to retire before age 70 as our CPA pointed out. SS benefits fade the more one prepares.

Fretting over the way Social Security is managed just decreases one's SS
payout because it can shorten one's life.

 

[Fuddy1952]

I don't fret, just vent! To wife & I, SS is just a pittance that we don't really think about. My heart sincerely goes out to retirees having to live on it and I can't imagine how they do it.
Especially with inflation outpacing SS payments.

 

[LouNY]

I don't fret, just vent! To wife & I, SS is just a pittance that we don't really think about. My heart sincerely goes out to retirees having to live on it and I can't imagine how they do it.
Especially with inflation outpacing SS payments.

I'm glad you have enough retirement income that you consider SS is just a pittance.
I have to wonder what your payments were into the system, did you have considerable none SS income,
maybe self employed and minimized your reportable income.
I do know that my wifes and I's combined income from SS is in excess of $4000 per month, I don't consider that
to be a "pittance" we are fortunate that we do have other income so as to live comfortably.

 

[Fuddy1952]

This is from the SSA site: "more than $44,000, up to 85 percent of your benefits may be taxable."

 

[LouNY]

Yea, what's new?

 

[Fuddy1952]

Nothing is new. I was saying even if ones SS is $50K/year, then 85% is taxed, Medicare is deducted and they're already in a high tax bracket the remaining SS is a pittance.