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

Gale Hawkins · Mar 13, 2022

fishheadbob said:
"If I took all that money and invested it, I'd have a lot more now."
True that.
But then there are always people who get have life dump on them unexpectedly. My father-in-law broke his neck as a younger man and had SS, VA, and not much else, to carry him and his kids for the next 25 years. How about my son who died at 34. So far his widow and kids have pulled in well over $300,000 in SS with a few years left on the youngest one's eligibility. People figure those horrible things always happen to someone else.
You gotta have some sort of insurance.

Sorry about the lost of your son. Thankful Social Security was there to lessen the financial impact on his family.

Like I said the other day I am thankful I have to pay income tax on SS vs none being due. The name of it indicates it's social in nature and not an investment plan for one particular person. I hear complaining about school taxes with no kids. SS protection is good for society as a whole. Love that doesn't extend beyond myself is not even love at all.

Gale Hawkins · Mar 13, 2022

Williy said:
Why would you want to wait until you are 70 when
you can get SS at 66??? Looks like you get less at 70

https://www.investopedia.com/ask/answers/102814/what-maximum-i-can-receive-my-social-security-retirement-benefit.asp

Average Social Security Benefit by Age
Age Average Monthly Benefit
66 $1,745.14
67 $1,719.23
68 $1,739.24
69 $1,736.43
70 $1,728.79
71 $1,751.26
72 $1,786.89
73 $1,792.45
74 $1,825.03
75 $1,793.63

willy

In my case it was a extra $7200 per year when I need it more then when I was working full time. It also enabled the wife to be able to draw $30,000 more by me waiting until I was 70. You have to look at the per case base to understand the answer to your question.

Larry Caldwell · Mar 13, 2022

Fuddy1952 said:
This is from the SSA site: "more than $44,000, up to 85 percent of your benefits may be taxable."

That's the means testing Reagan added along with the SS surcharge to create a trust fund. Boomers spent 35 to 40 years paying extra taxes to fund our retirement. It looks like the Xers and Millennials are not willing to pony up for their own retirement, so they will have to do without.

Larry Caldwell · Mar 13, 2022

Fuddy1952 said:
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.

Fortunately, my state does not tax SS, and there is no sales tax, so SS is tax free. It helps.

Gale Hawkins · Mar 13, 2022

How Do Insurers Love Thee? Let Us Count the Medicare Advantage Pitch Mailings.

When I get off of the wife's health plan in the next few years hopefully I'm thinking about going just with the basic Part B especially if I am Rx Med free. I did not know part I was no cost to me but I only signed up at 70 last year so I missed 5 years of coverage there but that's okay.

KennyG · Mar 14, 2022

Williy said:
Why would you want to wait until you are 70 when
you can get SS at 66??? Looks like you get less at 70

https://www.investopedia.com/ask/answers/102814/what-maximum-i-can-receive-my-social-security-retirement-benefit.asp

Average Social Security Benefit by Age
Age Average Monthly Benefit
66 $1,745.14
67 $1,719.23
68 $1,739.24
69 $1,736.43
70 $1,728.79
71 $1,751.26
72 $1,786.89
73 $1,792.45
74 $1,825.03
75 $1,793.63

willy

Those are averages people get, based on their earnings credits.The older a person is, the less likely they will have high credits. No matter who you are, you will individually get 32% more by waiting til 70.

Fuddy1952 · Mar 14, 2022

No matter who you are, you will individually get 32% more by waiting til 70.
One thing to factor in is the money you didn't receive by not taking it early, along with predicted longevity. That part is hard to figure but guesstimate based on one's lifestyle, health, genetics. Of course unpredicted accidents and illness can affect anyone.

Gale Hawkins · Mar 14, 2022

Fuddy1952 said:
No matter who you are, you will individually get 32% more by waiting til 70.
One thing to factor in is the money you didn't receive by not taking it early, along with predicted longevity. That part is hard to figure but guesstimate based on one's lifestyle, health, genetics. Of course unpredicted accidents and illness can affect anyone.

32% is based on FRA of 66 or 8% bonus per year of delay. One with FRA of 67 then 24% is max bonus.

Until the law is changed FRA is frozen at 67 like was frozen at 65 for eons.

Well there is a move to reduce Social Security payout it does not have to be directly in numbers because by jocking things like full retirement age will impact how much people can draw.

At one point I was very concerned that Social Security would be unstable many years in the future and there is still a big question mark there but for comfort I look at Europe and their more socialist system is still paying benefits and somehow the countries are not going into default so I think there's hope for USA.

Based on history the changes coming to Social Security will impact future recipients not the current.