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Social Security question

Discussion in 'TUG Lounge' started by easyrider, Jun 6, 2019.

  1. Panina

    Panina TUG Review Crew: Elite TUG Member

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    Young at heart, enjoying. We all should strive to be this way.
     
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  2. easyrider

    easyrider TUG Review Crew: Expert TUG Member

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    I would consider the break even point at about 80 the rationale meaning that starting benefits at 62 is the same amount of benefit paid until about 80 years old. At the break even point the higher monthly payment means you collect more until you pass.

    From what I see with my wife's parents and the parents of many of my friends and relatives is that life's physical activities slow down quite a bit after 80. About half didn't make it to 80 while some are in their 90's. Many ended up in nursing homes or retirement facilities after 80.

    One friends dad just turned 95 and came over to have a beer with me on my birthday. He still travels. He still lives at home on his ranch with his daughter and son in law. He is one of my older friends.

    Bill
     
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  3. easyrider

    easyrider TUG Review Crew: Expert TUG Member

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    I thought the deductibles were much lower with Medicare. Is this why people buy the supplemental Medicare insurance ? When I dealt with Medicare for my inlaws we did purchase supplemental insurance but often had huge medical expenses because of hospital admittance not being three days before going to the nursing home or medications. I think getting out of the hospital 12 hours early cost about $30,000 in nursing home care. We did purchase a long term care insurance that paid about half of the nursing home bill.

    Bill
     
  4. Panina

    Panina TUG Review Crew: Elite TUG Member

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    All these assumption based on todays rule will differ if you are a widow/widowerer.

    This is thought out assuming the living and the deceased are eligible for about the same SS benefit amount and full retirement age is 67.

    The widow/widower can start collecting at 60 if they didn’t remarry prior to 60, at 70% of the deceased benefits. The widow/widower benefit based on their earnings would be a similar amount, so still keep collecting on the desceased at 62. The widow/widower can wait to collect on their earnings at 67 or 70 Waiting until 70 with this scenario might be worth waiting especially if longevity is in your family or if you remarried and your spouse can collect based on your benefit.
     
  5. PamMo

    PamMo Tug Review Crew: Rookie TUG Member

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    Bill, you can't get Medicare coverage until 65, unless you are a qualifying widow/er or have a disability. My earlier post was just a reminder to not forget to budget for healthcare to fill the gap years between your old employee health insurance and Medicare.
     
  6. Brett

    Brett Guest

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    wow, planning to be 'almost dead' at 70 !
    I gotta believe you're young and 70 feels old to you. My mother was still traveling the world at 70, 80 and even till age 95. At 98 she's slowed down a bit
     
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  7. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    You lost me here.
    If you are referring to survivor benefits, the survivor gets the deceased SS amount in full at survivor's Full Retirement Age. If the widow/widower applies to collect survivor benefits at age 60, SS office said to my husband and I that the amount can be 85% to 100% of deceased SS benefits. She could not explain how it is computed. You may not know who was Fern Modena, she passed away a couple of years ago. Her husband collected his SS early and passed away. Fern started survivor benefits at 60 and she said it was in full with no reduction of her late husband's SS benefits. There is little to none explanation on how survivor benefits are calculated that are available on the internet other than the amount is not reduced if the survivor collects at FRA.
     
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  8. Panina

    Panina TUG Review Crew: Elite TUG Member

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    I know this from personal experience. I spoke with SS. My example is assuming that the deceased passed prior to age 62 and was not collecting SS and the surviving spouse had to wait until 60 to get the survivor benefit. As stated on Social securitys website
    https://www.ssa.gov/planners/survivors/ifyou.html#h2
    • In many cases, a widow or widower can begin receiving one benefit at a reduced rate and then, at full retirement age, switch to the other benefit at an unreduced rate.
     
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  9. Sugarcubesea

    Sugarcubesea TUG Member

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    My goal was to only use 1 years worth of money to bridge to 66...
     
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  10. Sugarcubesea

    Sugarcubesea TUG Member

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    This is really great to know...thanks so much
     
  11. Sugarcubesea

    Sugarcubesea TUG Member

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    I had one of my employees turn in his resignation last year at 62 and when he found out the cost of health insurance for him and his wife was going to be $30K per year. He quickly asked for his job back and since I figured that would happen I never tuned in the paperwork to Tokyo and he's now working for us for a few more years...
     
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  12. easyrider

    easyrider TUG Review Crew: Expert TUG Member

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    Good to know. Very good point.

    My thought is that the deduction for the Medicare premium from the Social Security check is another thing to consider. For most of us it doesn't matter because the Medicare premium is less than what we pay before getting to Medicare.

    What ever benefit a person takes when you hit 65 there is the Medicare premium of about $136 deducted from the benefit check.

    From 62 to 65 there isn't a Medicare deduction on Social Security benefits.

    Bill
     
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  13. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    That $136 is Part B. (Part A being Free) But- if you are not collecting SS- and do not have employer based health insurance-you have to pay it out of pocket.

    The supplements and Part D drug plan or Advantage plans are additional, of course.
     
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  14. SmithOp

    SmithOp TUG Member

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    One nice thing about taking SS early, they automagically sign you up for medicare when you hit 65. My wife just got her card in the mail and her birthday isn’t until October.


    Sent from my iPad using Tapatalk Pro
     
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  15. easyrider

    easyrider TUG Review Crew: Expert TUG Member

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    If a person doesn't sign up for Social Security benefits and then turns 65 does that person have to pay for 4 months of premiums totaling about $540 to get Medicare started ?

    Bill
     
  16. Conan

    Conan TUG Review Crew: Elite TUG Member

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    There are penalties if you turn 65 and fail to sign up for Medicare Part B ($$), unless you show them via Form CMS-L564 that you have continuing coverage from your employer. You also must sign up for Medicare Part A but that's a non-issue because Part A is free.

    Social Security doesn't really have anything to do with that, except if you are collecting SS they take the premiums out of your check rather than needing to bill you.
     

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    Last edited: Jun 11, 2019
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  17. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    Just one month per month...
     
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  18. clifffaith

    clifffaith TUG Member

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    I had not realized this. I put a note on my calendar so that in Feb 2020 I would start the enrollment/research project for Medicare. I turn 65 12-30-2020, and somewhere I read that X number of months before the month you turn 65 you can start the process. I started SS this January at age 63. Cliff is 18 years older, so we figured I should take mine as soon as I retired, which happened at the end of October.
     
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  19. Luanne

    Luanne TUG Review Crew: Veteran TUG Member

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    I didn't remember this happening. I started taking SS benefits at 62. I guess I was automatically set up for medicare at 65. I do remember it being pretty painless, except for having to choose a supplement plan (or basically deciding which supplement plan I wanted).
     
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  20. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    Sign up 3 months before 65.
     
  21. TravelTime

    TravelTime TUG Member

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    I am sorry. I did not actually mean to say that 70 is old. I was trying to be tongue-in-cheek but that back fired. It just surprises me that the government expects us to work until 67 or 70. I am in my 50s and I am downsizing and partially retired already. I still work but not like I used to. In our 50s, we are in the last third of life. I want to start enjoying more now. I was just diagnosed with a hereditary chronic disease that I need to learn to manage in order to enjoy the rest of my life.
     
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  22. Sugarcubesea

    Sugarcubesea TUG Member

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    I agree, I wish my FRA was 65 vs 67. I'm 58 and its a chore to work to 50 to 60 hour weeks I currently have to work...for me retirement can't come soon enough. We run a very lean operation in my company, last year I did 3 job titles as one person - working 60 hours a week. We got a new President last September and today he tells me that he is just going to give an across the board COLA increase no merit increase because he has not been here long enough to judge everyone...

    I told him, you have been my manager since last September and in that time you have given me 3 large projects to complete along with my regular full time responsibilities and I continue to work 55 to 60 hour work weeks since January. For the past 9 months you have seen my work ethic, commitment to the company and willingness to take on extra projects when others failed miserably when you gave them extra projects...

    Today is not a good day for me. I was hoping to stay at this company till I retire, but I can not keep this pace up
     
  23. DancingWaters

    DancingWaters TUG Member

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    I
     
  24. DancingWaters

    DancingWaters TUG Member

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    It is so hard to get to FRA. We both retired but working part time jobs to help cover the expenses til my husband reaches FRA, 18 months to go. It is extremely hard to work those kind of hours at these ages. Companies know exactly what they are doing. We look back now on our careers and are extremely happy my husband got 37 years in and I got 25 years. We should have tried to get a few more years in but it was too difficult. Money is tight but I am learning not to shop as much. Lol
    Good luck hanging in there for a few more years. Just save more. Probably our big mistake!!
     
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  25. clifffaith

    clifffaith TUG Member

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    When you first get Medicare
    When you're first eligible for Medicare, you have a 7-month Initial Enrollment Period to sign up for Part A and/or Part B.

    Example

    For example, if you're eligible for Medicare when you turn 65, you can sign up during the 7-month period that:

    • Begins 3 months before the month you turn 65
    • Includes the month you turn 65
    • Ends 3 months after the month you turn 65

    This is from Medicare.gov, and is why I made a note to start looking into Medicare in February when turning 65 in December.
     
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