Posted on 08/02/2018 9:22:46 AM PDT by Red Badger
Yup. I’m a level 8. Lowest of the low apparently. Kind of like being a seaman recruit in boot camp. LOL! Scum of the earth.
Ping.
However, you do not have to enroll in any other Medicare programs.
The only intersection of the SS and Medicare programs is when you turn 65 and Medicare Part A is mandated.
You will also be signed up for Part B but you can decline it to keep them from withdrawing $120 a month from your SS check every month.
I was NOT required to sign up for Medicare & I did NOT do so.
Now 78, and have had only one instance where I could have used it. Cataract surgery. Got a decent CASH price from the doc. Paid Cash.
What if you NEVER try to sign up for Medicare Part B?
How can they penalize you for something you NEVER sign up for?
A widow or widower, at full retirement age or older, generally receives 100 percent of the worker’s basic benefit amount. A widow or widower, age 60 or older, but under full retirement age, receives about 71-99 percent of the worker’s basic benefit amount; or.Apr 22, 2015
Like I said, my co-pays pale in comparison to what medical insurance premiums would cost me every month if I didn't go to the VA.
The VA co-pays look like a real bargain then.
“Depending on who you talk to, experts usually recommend budgeting for 70% to 80% of your pre-retirement income to cover expenses in retirement.”
Here we go with ‘experts’ again. For people planning retirement (and thus making more money than they’re spending), what COUNTS is not what one’s income level is, but rather what one’s EXPENDITURE level is. If you’re making twice what you’re spending, then you’d have to actually INCREASE your retirement spending to get to the 70 to 80% level.
Obviously, the above is possible, particularly if you plan to travel a lot, but I really doubt these ‘experts’ have that in mind. Much more likely is that your travel expenses stay about the same, but you downsize on clothing, housing, and cars...to some extent - so your overall cost of living goes down.
But, as usual, the math is too hard for the leftists who write these articles.
Good news, it is free.
That's if you're still earning income.
I assumed she had none..................
Take it at 62 and invest all of it.
Take the money when you’re younger. What are you gonna do with the extra at age 90? You can host, but you can’t party.
As I was looking at SS options, there was an option that did not make sense. ( Feds since closed this option but grandfathered in those already on it and if you were born before 1954)
My first response was: Are we nuts ?
My second response was: Do I qualify ?
It’s called a “restricted”.
Read about it here. https://www.thebalance.com/social-security-rules-for-restricted-applications-2388915
My wife an I were born before 1954.
We are both about the same age.
She wanted to continue to work. I didn’t.
She robbed the cradle as she is a couple of months older than me.
I had her hold off filing until I filed.
I filed for full retirement benefits.
She filed a restricted application and got half of my monthly benefit.
Her own SS benefit is growing at approx. 8% a year.
When she turns 70.5 she needs to make a decision on how to file on her own benefit.
Until then, she will have banked approx 50k.
If any of all you all qualify, might be worth it to look into this.
It works best if you are close in age and both are at full retirement age.
This is NOT file and suspend. ( That has different rules )
This is a “Restricted” application.
Good luck...
Yup. I have a medicare supplement which costs me zero and of course medicare and then add in the VA and mine isn’t too bad. Mrs. rktman on the other hand because she’s only 55, is not cheap. My employer was gonna up her medical to over a $1,000 per month so we found an outside insurance which is “only” $708/mth. Yikes! In fact, I have an appointment on Friday morning 0830 for a stress test and then an echo-cardio afterwards. I wonder how much that would have cost me in the real world. Or, would I just have declined it?
My aunts and uncles all died aged 70 to 77, except for the ones who died of other causes.
So I figure I will as well.............
that should be...when she turns 70 ( not 70.5)
Your wife, upon your death, will draw what you would have drawn at full retirement age, not what you would draw at age 70. SS stops increasing the survivor benefit after what it would be at your full retirement age, even though your payment did increase up to age 70.
For example if your full benefit at full retirement (e.g., 66) is $2500, but by deferring to age 70 it rises to $3300, she would only get the $2500 not the $3300 upon your death.
Also, if your wife claims her spousal or regular benefit before her full retirement age that percentage reduction is also applied to her survivor benefit.
Since I was born in ‘55 and my wife is 7 years younger, it doesn’t apply to us....................
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