My family is the principal share holder of a S-corporation. The company shows a nice gross profit and a great net ,(on paper).
We do pull income from the company that helps us live a comfortable (for a 70 year old man and wife) life.
The company has 29 employees with an average employment of 20 years. I started it in 1970 with just myself and one other.
I had to get off the medical plan and go on medicare, part a b (medicare for D)
I retired at 62 and began to draw SSI. My latest SSI check was 1770.00.
When I signed up for the Obummer health plan I was told “Your income
(because as a Sub S status) your company showed a great taxable income,
even if you didn’t get it, we are taking 350 a month from your SSI benefits to help offset the people that don’t make what you do.
Somehow I do not feel better about not being able to stay with my family Dr. unless I pay a 8,000 deductible.
“I retired at 62 and began to draw SSI. My latest SSI check was 1770.00.”
I don’t think you really meant SSI, did you — I think you meant regular social security, since it sounds like you worked all your life and paid into it.
SSI is for people who are older and are below the poverty level.
The point you were making that indeed, if you are still generating income, they reduce your social security checks — discouraging people to work.