The Medicare Part B premium increased, but, unless he was affected by IRMA, the Social Security income increase should have more than covered the extra premium. Any secondary insurance premium that he has is not deducted from his SS check unless he has set up an automatic payment to the secondary insurance company. That premium does not go to Medicare. I would contact the secondary insurance company and get a statement of the premium increase. Another possibility is that he was on Medicaid and they were paying his Part B premium, and he lost his eligibility for Medicaid. Just my thoughts.

Another possibility is your Dad tripped an income level point. At 88 Dad had to take a RMD of over 7%. That is reported as income. The first Medicare trip point is $91000 single filer. Over the $91K level the premium goes from $170/mo to $238. More than enough to eat up the 2022 SS raise.

That would be the IRMAA law.

Amen to that and the supplements and prescriptions will go up also, we'll definitely lose.

The entire system? Seriously?

Investing with a bit of knowledge and not being greedy is how one gets ahead investing in the long run.

income-related monthly adjustment amount

The income-related monthly adjustment amount (IRMAA) sliding scale is a set of statutory percentage-based tables used to adjust Medicare Part B and Part D prescription drug coverage premiums. The higher the beneficiary's range of modified adjusted gross income (MAGI), the higher the IRMAA.Dec 6, 2021

Yeah, now go educate the young people about that.

Isn't google wonderful.

And for the rest of the story:

SSA - POMS: HI 01101.020 - IRMAA Sliding Scale Tables - 12/06/2021.

Taught our kids and soon will be the grandkids turn. 11 year old already has small business washing cars.

Only because the stole money over the years and pass it out like candy to people under 62.

There are many people (not me) who worked for cash their entire life. Maybe part of their life was legit and on the books. Their SS check is not too much, hence their raise is BS and when the extra money for Medicare comes off the top, BINGO. Upsidedown.

I'll bet you it was a thrill getting over and not paying any taxes for most of your life. Sooner or later the score is going to be evened up!

If I had it to do all over again I would say forget being a Manager. I would like to be the one taking orders and without a doubt, I would be a Union member. My kids are cleaning up as Union Members. You wouldn't believe it. $$$$$$$$$$$

Union jobs can pay very well but way to many companies have gone under giving up control to their unions. This includes the company I worked for in my youth.

Been there , heard the same.

I get it. It does happen.

The local that represented the drivers at my company had some kind of accounting malfunction and when the second guy went to retire after approximately 45 years with the company the funds were no where to be found.

I understand that when foul play is the reason that there is a way the government helps out those who got hammered. I got that spaination from one of the drivers so I don’t know that it is a fact.

I’d take my chances still. Union. Can’t believe I have done a complete turn around on my view.

My brother was a union man, (I never was in one), but I remember him saying:

"If all companies were honest, we wouldn't need unions."

I wouldn't know that for sure. :shrug:

Dead serious. And it's about ready to crash and expose itself as just that

Time will tell

Doubtful. First of all, 62 is not the retirement age. It is, however, the earliest you can take benefits at a reduction, a fairly substantial reduction. The full retirement age is between 65 and 67 depending on your age. You are old enough that it is doubtful that your full retirement age, or the age you can start taking reduced benefits, will change. I suspect the full retirement age will be gradually raised for younger people, similar to what was implemented in the last reform in 1983. Other possible reforms could be a change in the COLA calculation, an increase in the SS tax, and an elimination of the earnings ceiling for paying SS tax. Another possibility, which I would deem very unlikely, is means testing.

Another reform which I would favor is raising the age for collecting. We are all living longer and now less people are available to pay into the system. Not to mention there is a shortage of workers.

Makes sense to me, now go to Washington and tell them for the both of us. :thumbup:

Unfortunately their are too many vested interests that would never go for this.

I love that! Awesome.:ho:

The break even point for me when comparing the reduced benefits at 62 compared to full retirement at 67 is at 79 years old. I’m rolling with 62 if things don’t change by then

People appreciate money more when they work for it.

If we the U.S. can send BILLIONS overseas, we should be able to fund seniors..

We just finished watching “The Big Conn” on Apple TV.

It is a 4 episode docuseries about an East Kentucky lawyer, Eric Conn, who scammed Social Security out of 550 Million dollars. True story. Awful mess.

Boomer

Regardless of when people, on average, start taking their benefit (age 62-70), SS will pay out the same amount. On average, people die at approximately age 79. The crossover point is 79 for everyone. One possible way to impact this is to take your benefit at age 62 and invest the money. Depending on your return, the crossover point could be pushed out past age 79. This is really a great feature of SS because you can decide, based partly on your health and family longevity, when to start your benefit. Based on family history, I will start at age 70 unless I develop some health issues.

When it comes to experts and the government I've learned to not count my chickens until they've hatched

the so called experts aren't always correct....most recent example, Ukraine was going to fall in 3 weeks