Not subsidizing mine................still haven't gotten everything I paid in.

:)

An 8.7% increase in Social Security may be fine for some, but those of us who earned a pension from a business are now losing over 8% annually with the current inflation. Today's CPI release said annual core inflation "has eased from 8.3% to 8.2%". It won't take long for our pensions to be worthless at that rate. And don't forget, there are many in our government who want to spend even more trillions, regardless of the inflationary effects of that spending. Oh, and the Dow is down over 500 points at the moment. Hang on, if you can.

Unsustainable addictions never end pretty. Government (and society) is hopelessly addicted to both debt and spending, the hyper inflation being experienced is a symptom of these addictions. Spending is a good thing when it is done responsibly and within one’s means, but is extremely dangerous when it is continuously financed with debt.

your right will be getting back

Didn't we hear that spending trillions will stop inflation.....:D

We heard.............about 1/2 of "us" believed. :oops:

I admire your altruism. I am just hoping that Social Security lasts long enough for me to benefit!!

that’s not supposed to happen SS calls it hold harmless or something like that when Medicare goes up it protects you from a decrease, most people will pay the regular premium because because the higher premium will cover the cost , my SS check has been $128 for as long as I can remember and at 83 I don’t remember how much I remember , but any way premium goes up or down I’m still getting $128 a month

How stupid do they think we are? Let’s call a massive spending bill the “Inflation Reduction Act”.

The answer is "very".

Oh--and there are never massive spending bills. They are "investments", usually to benefit "the Childerrrrrrrrrrrrrrrrrrrrrrn".

There will be circumstances where this SS increase could cause some Medicare recipients to need to be aware of the possibility of getting hit by IRMAA (Income-Related Monthly Adjusted Amount) if the 2023 AGI crosses IRMAA’s threshold(s).

But for those of RMD age and holding in the market, it is likely that the RMD will be less, so that could create a buffer zone.

IRMAA does not get everybody, but it can pay to be aware because crossing that income threshold means you’re going to pay more for Medicare — and it’s an in or out situation. IRMAA has gotcha once you cross that income line, and you then get hit with the premium increase 2 years later.

If charitably inclined and of RMD age, IRMAA possibly can be dodged by using QCDs as part of the RMD. QCDs do not show up as AGI.

If you are bringing in a tidy retirement income, or making a cap gain taxable profit on the sale of a secondary residence, or have sold stock outside of an IRA or Roth — and you have never heard of IRMAA — you might want to do a little homework — just in case.

Sometimes it could be just an all-in year and it’s worth paying IRMAA. But if the AGI crosses that line by even a small amount, IRMAA will get you just the same — and that probably is not worth it when a QCD could rescue you from IRMAA.

If you think I could be talking about you, but you are not sure, it could be worth doing a little income projecting to see if IRMAA is lurking in your future.

Boomer


PS: Note to Bay Kid who posted about the reduction in SS for a parent: I am wondering if that reduction was due to IRMAA. (Not my business, just a thought)

The cost of medicare is deducted from the SS you receive each month, age does not matter.

Unfortunately, there is one key person who believed

Who remembers the great returns the Fidelity Magellan mutual fund provided in the 1980's? Now fast forward to 2023, looks like the gov't has plans to take some of that money back. Merry Xmas boomers!

again your check won’t decrease ( hold harmless)