[DAVES]

Originally Posted by OrangeBlossomBaby

I don't know where you read this, but I'll use your own post for data and just assume it's true, hypothetically, to show you the flaw in the title of your thread.

You say the average social security benefit is $1487/month.
Then you say 44% of Medicare recipients reported spending between $160 and $495/month on health care.

So the lowest that 44% of Medicare recipients are spending is $160/month. What is the lowest that this specific 44% of Medicare recipients are getting in Social Security benefits?

The highest that 44% are paying is $495/month. What is the highest monthly SS benefit for this particular 44% group?

What about the other 56% of Social Security recipients? That would be "the majority." How much are THEY spending on Medicare? Or are they not spending anything at all? How does this 44% minority compare in SS benefits to the 56% majority?

Furthermore, there are thousands of people receiving social security benefits, who do not qualify for Medicare. I'll be one of them in 18 months, because that's when I turn 62. You have to be 65 for Medicare, but you only have to be 62 for SS checks. I get my health insurance on the Marketplace and with my reward credits from Better You Strides, my premium is under $100/month. This past year I paid nothing, except for three months when I paid $87 for each month. Last year I paid nothing at all because of those credits.

Social security benefits are up +/- $70/month. Medicare increases will be less than $70/month. So you'll still get a bigger check than you did previously.

Re: 62 for social security and 65 for medicare.
You no longer have the option to at 65 chose to pay back what you have collected and then take the higher 65 amount. You can, if you can afford to do so retire at 62 but not collect social security at 65. I regularly tease, all you need to know is when you will die, what will kill you, the rate of inflation and return on your savings and you can decide what makes the most sense to do. Only problem we know none of them.

Re: Medicare
It is spooky what private healthcare costs. If, you do not have coverage from employment a guess is for three years 25,000 a year or 75,000 that has to come from savings. OUCH.

[rukiddingmertnow]

Originally Posted by rmd2

I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!

If your in that premium bracket your making way more than most people. Just sayin....

[johnsi911]

My wife and I just received our Social Security Statements. Because of the increase in Medicare, both of us will see a decrease in take home to the tune of $30 and $40 per month.

[OrangeBlossomBaby]

Originally Posted by DAVES

Re: 62 for social security and 65 for medicare.
You no longer have the option to at 65 chose to pay back what you have collected and then take the higher 65 amount. You can, if you can afford to do so retire at 62 but not collect social security at 65. I regularly tease, all you need to know is when you will die, what will kill you, the rate of inflation and return on your savings and you can decide what makes the most sense to do. Only problem we know none of them.

Re: Medicare
It is spooky what private healthcare costs. If, you do not have coverage from employment a guess is for three years 25,000 a year or 75,000 that has to come from savings. OUCH.

I have no intention of "paying back" at 65. I retired at age 59, because bursitis made it impossible for me to do my job, it was part time anyway, no pension, no 401k, and the health insurance they offered would have cost me more than I earned in my weekly paycheck. Thankfully, that qualified us for ACA subsidies so our premiums are significantly reduced.

Hubby's already been getting SS, plus his pension, and that's what we live on. We have some savings, but can't really add to it until my SS kicks in. So we're definitely needing to do that sooner rather than later.

[OrangeBlossomBaby]

Originally Posted by NAB20

I have read similar information before, but that type of analysis does not make much sense because they are not comparing the dollars you paid in with what those dollars would be if invested an compounded values. Would like to see someone do that. It would be more accurate.

Some of us worked in jobs that didn't offer pensions. Some of us had jobs like that for a few years, but the rest of our working life was spent in places that weren't.

I think some folks here talk about investments and values as if they believed everyone in the country is in the position where they could just put a percentage of their income in a mutual fund on their own. There are millions of Americans working 1-3 part time jobs to make sure their families have what they need. Most of those part time jobs don't offer pensions or 401ks. And most investment firms aren't interested in taking deposits of $10 per week.

[Catalina36]

Originally Posted by Rainger99

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

Be aware when supplementing your income. IRA / 401K withdrawals, profits from selling stock, part time job, capital gains, dividends and Interest. When your income increases your Medicare monthly payment will increase. Social Security income will be less. Look at the income schedule for Medicare payments. That went up too.

[thevillages2013]

Originally Posted by rmd2

I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!

You sure you didn’t leave out a zero on your SS benefits? If that’s accurate I sure hope you get pension or have a nest egg

[golfing eagles]

Originally Posted by DAVES

Re: 62 for social security and 65 for medicare.
You no longer have the option to at 65 chose to pay back what you have collected and then take the higher 65 amount. You can, if you can afford to do so retire at 62 but not collect social security at 65. I regularly tease, all you need to know is when you will die, what will kill you, the rate of inflation and return on your savings and you can decide what makes the most sense to do. Only problem we know none of them.

Re: Medicare
It is spooky what private healthcare costs. If, you do not have coverage from employment a guess is for three years 25,000 a year or 75,000 that has to come from savings. OUCH.

No need to guess---FL blue, single coverage, nothing rated up---1332.30/mo=15,987.60/yr----and that's with a 7,000 deductible----OUCH

[Travelhunter123]

Originally Posted by LianneMigiano

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....

The daily sun always wears rose colored glasses in their analysis

[mydavid]

Originally Posted by Rainger99

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

This is nothing new, anytime SS increases Medicare does the same. Lucky my Medicare advantage plan gives it back to me.

[airdote22]

Social Security was from the start and has always been a Ponzi Scheme.

[Carla B]

Originally Posted by manaboutown

Despite the raise IRMAA will hit me hard enough to reduce my 2022 monthly SS payment about $100 from the payment I am receiving this year which is also subject to IRMAA.

Maybe you should have gotten married.

[OrangeBlossomBaby]

Originally Posted by golfing eagles

No need to guess---FL blue, single coverage, nothing rated up---1332.30/mo=15,987.60/yr----and that's with a 7,000 deductible----OUCH

That's just one of the plans - probably a bronze plan that's really lousy (or directly through Florida Blue without using the marketplace). For BlueCare 1443, it's $18something or $19something (I just say $1867 because that's what it was when I signed up for it 2 years ago).

The good news is that MOST people who aren't offered insurance through their employer, qualify for some kind of subsidies through the healthcare marketplace.

So MOST people won't pay that much, as long as they apply for the subsidies. Some people pay nothing at all. Some pay a couple hundred dollars. Some still pay a hefty chunk, but less than what they'd have to pay without the marketplace.

And yes some won't qualify for subsidies - but MOST of those people can afford private health insurance and don't need subsidies. There is a very small set of families who are stuck making too much for ACA subsidies, and not enough for full premium costs.

Thankfully for THEM - there are also clinics and urgent care centers, where they can select a doctor who will monitor the health of their family, give vaccines, handle non-emergency health needs (like an x-ray and setting for a broken bone) and charge a nominal amount often based on a sliding scale.

[WesMan]

Originally Posted by merrymini

Somebody has to pay for healthcare for all those illegals.

Correct!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!

[B-flat]

Originally Posted by MDLNB

Naw, SS won't go broke. That's why we have Covid, so that the OLD can be thinned out and be less of a burden on those behind us. More money in the coffers to be borrowed from, and maybe a bit left over for those younger retiring behind us.

There’s a lot more truth to your statement than anyone cares to believe. There’s a great reset coming not sure how many of us will be alive to witness it. Hopefully I’m not one of them. We don’t have any children or grand children but I pray for those who do.

To quote Steve Jobs…….”and more thing.” Denial is not a river in Egypt!!