Posted on 08/02/2018 9:22:46 AM PDT by Red Badger
Yep next time the D’s are in control of House, Senate and President . . . they will implement means testing.
If you are drawing Social Security when you turn 65, they will also take $120 or so out of your check every month for Medicare Part B (outpatient care) unless you specifically decline it.
I receive my medical care at the VA so I don't feel I need the Medicare Part B outpatient coverage.
So I rejected the Part B when I turned 65, got a new card issued for Part A only and saved the $120 a month.
If you never draw SS, your will still get Medicare Part A by default (turning 65). You don't have a choice but it is free so not to worry.
Check your gene pool. If you relatives did not live beyond 66 or even 70 take it ASAP.
One thing to do regardless is to retire debt-free. Without debt (and hopefully with a nice retirement account and/or pension) I hope to live on the SS, roll over my IRA/401k's (slowly to minimize taxes) to Roth's, and (Lord willing) leave a nice inheritance to the kids/grandkids (Thank you Dave Ramsey!).
That or spend it all on riotous living and die penniless...
My wife is considerably younger than I am, so it looks like it makes the most sense for me to take at 70, so that she gets a full allotment after I eventually pass on.
I did. Uncles and aunts ages at death:
72, 77, 76......
She only gets 50%..........
When does welfare reach insolvency?
If you take it at sixty two.
SS and Medicare are two separate programs and you can take one without taking the other.
Medicare you have to join at 65. There is no other option and if you do not sign up at the right time there will be penalties and interest.
My mom was out of the country when she turned 65 and her employer had health insurance on her. When she came back to the states at 67 she was threatened with all sorts of financial penalties for not having signed up at the proper time even though it would have been impossible for her to sign up based on where they were assigned.
Her employer had to threaten to hire a lawyer to get them to back down.
The feds have said that if you're drawing it already, your monthly benefits will not be reduced.
62. There is no guarantee you will live to collect it all so start as soon as you can.
You were supposed to be dead at 57 years and your wife at 62. Then came Penicillin.
Course, if you way you may not make it.
Depends on if you would rather take the benefit and infest the money yourself or if you count on living long enough.
Yes, my friend’s mom had to sign up and I believe they deduct just over $200 per month for this. She told me this is mandatory.
Withholding is voluntary, so as a default, no withholding is taken from a retirement SS check.
I wanted withholding.
I couldn’t do it online. I had to go to an SS office and file the paperwork.
I am waiting until 70 (66 and about to retire now) because:
—Both my parents are still alive (excellent genes)
—I am in excellent health and good shape
—I make a lot more than my wife so I want to maximize her benefits, particularly if I die first
—I can afford to do it and still cover expenses.
Your mileage may vary..
I’m taking mine at 62; four short years! I have healthcare through the VA, and I can still work from home and earn up to $17,040.00 and not lose a penny. (2018 figure; I’m figuring it’ll go up.) I’ll let my IRA $ ‘cook’ until I HAVE to touch it when I’m in my 70’s.
At this point I’m waiting to see if I’ll take mine, or the Ex-husband’s, whichever is more. He had some VERY high earning years when we were married...before he flushed his life down the cr@pper. :(
That’s the plan, anyway. Life LOVES to throw you a curve-ball once you have it all planned out. ;)
So how much is it that you can earn without having to give any back?
No, you sign up for Medicare when you’re 65, regardless of when you take SS.
Do you have to sign up for Medicare when you sign up for Social Security?
When I began to receive Social Security I was covered by my wife’s insurance. So I did not sign up for Medicare.
When my wife retired I had to go to the social security office and explain why I was not already signed up and got signed up at that time.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.