topic Re: Oct. 13th Announcing new SS increase in Community Chat

Oct. 13th Announcing new SS increase

SharkE — Mon, 10 Oct 2022 00:46:29 GMT

Thurs. be interesting in this yr. of horrible inflation what they come up with.

Re: Oct. 13th Announcing new SS increase

SharkE — Mon, 10 Oct 2022 01:05:57 GMT

Looks like the popular speculation says it will be 8.7% .

Re: Oct. 13th Announcing new SS increase

chrystaltree — Mon, 10 Oct 2022 01:15:47 GMT

We already know, 8.7%.

Re: Oct. 13th Announcing new SS increase

gizmogal — Mon, 10 Oct 2022 01:17:37 GMT

I'm not on tenterhooks. Can't change it, can't control it.

I'm grateful for anything I get. Always good to increase income and not have to depend on my nest egg to meet my financial obligations. Medicare premium is decreasing slightly. Glad for that, too.

Re: Oct. 13th Announcing new SS increase

QVCkitty1 — Mon, 10 Oct 2022 01:20:44 GMT

I'm not complaining, but a good share of it will go to Medicare.

Re: Oct. 13th Announcing new SS increase

SharkE — Mon, 10 Oct 2022 01:22:17 GMT

Medicare premium taken from your check is going down 7.00.

deductible is 226 not 233 like it was this yr.

Re: Oct. 13th Announcing new SS increase

Snowpuppy — Mon, 10 Oct 2022 01:54:22 GMT

@SharkE wrote:
Medicare premium taken from your check is going down 7.00.

deductible is 226 not 233 like it was this yr.

School me if I'm wrong but isn't this based on income? Like not everyone pays the same premium?

And don't you have to add a drug plan to this cost?

I'm not there yet but trying to figure out if it's better to keep my company's plan in retirement.

Re: Oct. 13th Announcing new SS increase

gertrudecloset — Mon, 10 Oct 2022 01:55:26 GMT

@SharkE wrote:
Looks like the popular speculation says it will be 8.7% .

That's what I'm talking about @SharkE ! 8.6 or 8.7. Thanks!

Re: Oct. 13th Announcing new SS increase

gertrudecloset — Mon, 10 Oct 2022 02:26:07 GMT

@Snowpuppy wrote:
@SharkE wrote:
Medicare premium taken from your check is going down 7.00.

deductible is 226 not 233 like it was this yr.
School me if I'm wrong but isn't this based on income? Like not everyone pays the same premium?

And don't you have to add a drug plan to this cost?

I'm not there yet but trying to figure out if it's better to keep my company's plan in retirement.

~~It's based on the amount you already get. So if you get $1,000 a month in SS bennies right now, you will get 8.7% of that amount. If I get 1500 a month then I will get 8.7 percent of that amount.~~

91,000 per year single, 180 married filing joint will require a higher Medicare Part B monthly premium. You find the table and chart on Medicare.gov.

I apologize for providing the wrong information earlier.

Re: Oct. 13th Announcing new SS increase

Desert Lily — Mon, 10 Oct 2022 01:59:51 GMT

I think this was posted on an earlier thread.

The Medicare Part B premium 2023 will be $164.90, a decrease of $5.20 per month from the 2022 $170.10.

The Medicare Part B 2023 deductible will be $226, a $7 decrease from the 2022 $233.

Re: Oct. 13th Announcing new SS increase

haddon9 — Mon, 10 Oct 2022 02:19:40 GMT

@Snowpuppy wrote:
@SharkE wrote:
Medicare premium taken from your check is going down 7.00.

deductible is 226 not 233 like it was this yr.
School me if I'm wrong but isn't this based on income? Like not everyone pays the same premium?

And don't you have to add a drug plan to this cost?

I'm not there yet but trying to figure out if it's better to keep my company's plan in retirement.

@Snowpuppy Yes you are correct about the cost of the premium. Most people will pay one amount which I just don't remember what that is right now. As mentioned it's supposed to go down a bit.

However if your income is over a certain amount (again I can't remember what that number is....but it could be changing for next year), your premium cost will be higher.

Re: Oct. 13th Announcing new SS increase

Snowpuppy — Mon, 10 Oct 2022 02:38:51 GMT

Thank you for clarification.

I guess I won't be concerned about the $190k income in retirement. 😊

Re: Oct. 13th Announcing new SS increase

catter70 — Mon, 10 Oct 2022 12:04:25 GMT

I had heard originally that the increase would be between 10% and 11%, but that amount decreased when the price of gasoline started to go down. Of course, now the price of gas is increasing again.

Re: Oct. 13th Announcing new SS increase

SeaMaiden — Mon, 10 Oct 2022 12:13:36 GMT

Remember:

He giveth

He Taketh away.....

Do not plan on spending it😄

Re: Oct. 13th Announcing new SS increase

gidgetgh — Mon, 10 Oct 2022 12:18:20 GMT

I'm thrilled with any increase. No complaints.

Re: Oct. 13th Announcing new SS increase

Magicrat — Mon, 10 Oct 2022 12:35:42 GMT

Medicare should be free. And Social Security should not be taxed since tax was already paid on it at the time the wages were earned.

Re: Oct. 13th Announcing new SS increase

CelticCrafter — Mon, 10 Oct 2022 13:52:50 GMT

@Magicrat wrote:
Medicare should be free. And Social Security should not be taxed since tax was already paid on it at the time the wages were earned.

Most people get back far more than what they contributed so why shouldn't it be taxed. Kind of like taxes on savings and investments profits.

Re: Oct. 13th Announcing new SS increase

Sage04 — Mon, 10 Oct 2022 15:14:02 GMT

@Magicrat wrote:
Medicare should be free. And Social Security should not be taxed since tax was already paid on it at the time the wages were earned.

@Magicrat I thought you only paid taxes on SS in certain States?

Re: Oct. 13th Announcing new SS increase

CelticCrafter — Mon, 10 Oct 2022 15:22:54 GMT

@Sage04 wrote:
@Magicrat wrote:
Medicare should be free. And Social Security should not be taxed since tax was already paid on it at the time the wages were earned.

@Magicrat I thought you only paid taxes on SS in certain States?

@Sage04 it's taxed federally and it depends on "income level".

In NJ we do not pay state tax on it.

Re: Oct. 13th Announcing new SS increase

MamaWick — Mon, 10 Oct 2022 15:31:43 GMT

We pay no income tax on our SS in Texas...Federal or State (Texas has no state income tax).