Social Security to hand out first raises since '09

AP/Yahoo ^ | 10-18-11 | Stephen Ohlemacher

[MontaniSemperLiberi]

So where’s this money coming from? /s

Never mind. I know. It’s coming from me and my kids.

[STARWISE]

:)

Hi Tommix .. how are you?

[MadMax, the Grinning Reaper]

About time my kids paid me back for some of what I put out for them. One is doing okay but the other had to leave work due to recurrent injuries from a car accident. No disability and no lawsuit settlement yet. Healing and insurance settlements are both long and painful experiences for many.

However, I’m enjoying Social Security because I can now breath economically for the first time in years, except that my country lied and raised my property taxes again, and again, and again.

My advise: Keep working so that you don’t have to pay for extra Medicare programs until you really need them. I still don’t understand all of them.

I thought that, according to that blazing idiot college student, that Obama was going to pay all my bills, my car payments (I need a new or used one badly), etc. So, where’s my check, Obie? I earned my Social Security.

[Aliska]

Call Social Security, 1-800-772-1213, and they will look up all you've paid in and should be able to give you an estimate. May be some wait time, usually not too long, but they were really helpful to me.

You will get more (unless they've changed it recently) by waiting until 65 but they encouraged me to start at 62. The worker said I'd get about $800/mo if I'd wait until 65. Now since I get taxed on it some years, I don't know if I should have waited, thought about paying it back and reapplying but that's over now and I didn't have enough money at the time, well needed it for something else.

Now this past year was higher income, and my ss got taxed to the max, 85%. That is as much as they can take. If you have supplemental income somewhere under $25,000, maybe about $22,500 or below, none of your ss will be taxable (there's a worksheet in the long form instructions online, looks complicated but if you just follow each instruction, it's not that hard).

That's for single filer. Probably different for married couples or married filing separately.

Here's what I've paid the last 3 years, but it's based on a total $9114/year. Part B $1158; Part C $289.20 Part D $130.80. I get what's left after all that broken down by month. The entire amount may be subject to tax; subject to tax in my state, too, another consideration.

[katiedidit1]

If the feds find out you have 5 extra bucks...look OUT? lol this is a slap in the face and wont cover jack

[MeekMom]

thank you for the ping my FRiend!
God’s blessings and mercy be yours!

Meeky

[STARWISE]

Hi Mom .. ;) How nice to ‘see’ you. Where ya been? Pray all’s well with you.

[jennings2004]

You forgot to add: “...until my Death Panels have time to get around to you...”

[tubebender]

I waited until I was 68 to take my SS due to some tax take backs due to my income and then Congress changed the law and when I did sign up I got a few bucks more as it was adding up. We also some some rental income thank goodness. I’m 78 now hope to be here awhile longer...

[jennings2004]

Uuuuhhhh, you do know that you have to pass the appropriate “screening” for all those goodie, don’t you? /s

[hinckley buzzard]

Right now Medicare A is cost free if you are SS eligible(40 quarters of qualifying employment) But some of SS retirement is taxable. Medicare B is means-tested and if you are still employed would cost you probably 115 a month today. Don't know about Medicare D, the medicine plan.

Both B and D will most likely go up for next year.

[KarlInOhio]

If the COLA was calculated on the average CPI in the fourth quarter of the year instead of the third quarter, the gas and food price spike of 2008 would have passed (my gas dropped from over $4 in July to $1.419 on Christmas Day) and the COLA for 2009, 2010 and 2011 would have each been about 2%.

[newzjunkey]

Shhhhhh! You're telling them truth! They won't want to hear it. They just want to complain about having no COLA for two years.

[April Lexington]

HOPE AND CHANGE, baby...

[April Lexington]

Some of the increase in January will be lost to higher Medicare premiums, which are deducted from Social Security payments.

Priceless. Just f***ing priceless...

[Rapscallion]

Three-point-five percent will not make up for the last three years of Medicare Part B price increases.

[Rapscallion]

Three-point-five percent will not make up for the last three years of Medicare Part B price increases.

[Graybeard58]

it looks like I'm going to be taking better than a $115 hit on my SS check

Yes, Medicare premiums are means tested already. I believe that $115 is the base for 2011. The new booklet they sent out for 2012 says the premiums for 2012 haven't been announced yet. Which certainly means an increase for 2012 premiums is on the way.

I can't complain too much as my former employer, who is now my secondary insurer repays me the medicare premiums every 6 months in a lump payment.

[justlurking]

Social Security benefits increase about 8% every year you wait, until age 70. So, it's a pretty good deal if you can afford to wait before starting. You used to be able to "reset" your payment to the higher amount by paying back all the benefits you had received so far, but Congress has changed that: you can only do it once, and only within a year of starting benefits.

Currently, the yield curves intersect at age 81: i.e. if you calculate the time value of the stream of income you receive at 62, full retirement age, and 70, they all intersect when you reach age 81. That means that if you live past age 81, you get the most value if you wait until age 70 to start benefits.

However, you have to figure in the cost of "lost opportunity" because you had to spend down investments to replace the Social Security income. That gets a lot more complicated to calculate, due to the effects of income taxes. I've read claims that you have to live past about 95 to make it worthwhile to wait until age 70 to start receiving benefits. In my own calculations, I think it's closer to about 85 for me.

[dforest]

They are going to raise the SS payment amount.....then they will take most of it away in a increased rate for medicare payments.

The only reason they are raising the SS amount is because it is an election year and they do not want people to see how the medicare deduction is rising. It will rise even more in the following year.