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Esteemed Contributor
Posts: 7,084
Registered: ‎08-19-2014

@sharkky wrote:

What we want to know (here we go) is how much can you make at age 70

and  not be subject to  that SS deducting from your SS .

 

I thought once you reach age 70 you can make all you want to and they don't penalize your SS.

 

We'll have to make aptt with local SS office next yr. He only wants to work

one day a week and one and a half the next week, but, if it will hurt his SS when he starts to draw next yr. then we'll have to rethink it.


  @sharkky   Once you reach your full retirement age there is no limit to what you can earn.SS will no longer reduce your benefit no matter how much you earn.You will however be subject to regular income tax if you earn above a certain amount.

   If your husband is turning 70 you have no worries.He is way above retirement age. 

Honored Contributor
Posts: 30,290
Registered: ‎08-19-2010

yeah, all this stuff is so confusing. Not only Medicare and SS, but, if your still working past 66 and not drawing SS yet is another bug a boo. 

 

I was thinking between 65-69 you were still subject to them deducting one dollar for every 2 of your SS. Then, once you hit 70 you were a free bird at last. Yeah, sure you still pay taxes, but, at a greatly reduced amount from your full earning potential from when U were young. Because your paying on a lot less income .

 

Thanks !

Honored Contributor
Posts: 14,493
Registered: ‎10-25-2010

@sharkky  I know the  Federal tax laws were changed last year, so next time we do taxes, (for the year 2017) everything is gonna be different.

 

i am looking for future Social Security income to be taxed at a lower rate, or at least get a break.  It doesn't make sense to get government money, just to have them take it back. The way the tax laws have been, my DH and I would owe quite a bit of Federal Tax  on SS income. We both get a nice retirement income from our employers that is taxed too.

 

Of course, we will have SS withhold a certain percent for tax purposes when we collect so we won't owe on April 15.

 

Thank goodness in Pennsylvania, we pay no income taxes on any retirement income at the state or local level.

 

i have some reading and planning to do....I hope the new changes are for the better.

Super Contributor
Posts: 304
Registered: ‎07-18-2018

I have both Medicare A&B and employer paid supplemental insurance (part of my retirement pkg). I don't think you have to have a supplement, but it sure is nice to have. I don't have any co-payments and when I was in the hosp. for a serious illness I ended up by not owing anything. What Medicare didn't pay my supplement picked up the balance.....including deductible. Nice !!!!

 

I could have taken a nice vacation around the world for what the hosp. charged. The important thing is to check all of your options for your needs now and in the future. As another poster pointed out, SHIP can help you with all of your questions and steer you in the right direction. They are your advocate. Every state has SHIP.

 

 

Honored Contributor
Posts: 30,290
Registered: ‎08-19-2010

yeah, sounds like my experience . Just all depends on your income level whether or not you can afford a supplement and feel like your comfortable with just Medicare Part B.

If your the 'throw fate to the wind ' type you can skip supplement and the Drug plan, both.

 

We're not that brave. LOL   Reminds me of stories I've read where people have dropped home insurance or skipped a payment then here comes a tornado, tree falls on your house, etc.

Esteemed Contributor
Posts: 6,579
Registered: ‎06-10-2015

Find a local Senior Citizens Center near you and go there.  They often have people there that will help you for no cost.

The only thing that stays the same is that everything changes.
Esteemed Contributor
Posts: 7,708
Registered: ‎03-09-2010

Re: Medicare B Question

[ Edited ]

@Imaoldhippie wrote:

Find a local Senior Citizens Center near you and go there.  They often have people there that will help you for no cost.


Even though we said we would never join one, that's what we are going to do @Imaoldhippie, this Part B and every other letter part after that is so confusing.

 

All we know is what we do not want but don't know what letter part we need to get what we do want.

Valued Contributor
Posts: 760
Registered: ‎02-27-2016

I just retired at 65 in which I am now on medicare.I took an aarp supplement plan f which covers everything including the deductable.quite expensive but worth it.I took a drug plan even though i donot take any drugs paying 55 a month which is a must or you will get a penalty charged for the rest of your life when you take it.also i took a dental plan because medicare doesnot  except dental. quite pricy all around but you need good medical to continue living with no worries.remember supplement plans donot include dental drugs vision etc.you can only get all that with a medicare advantage plan..

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

I thought if you are still working and have ins thru your employer you are only required to sign up for part A when you turn 65. Then you can sign up for B & D or C when you do retire and no longer have ins.

Honored Contributor
Posts: 36,357
Registered: ‎06-11-2011

@bluehost wrote:

Pearley, your information is not accurate for everyone. Medicare takes out a different amount depending on when you became eligible for Medicare. Part D is not mandatory and yes, you do get penalized if you don't sign up for it. But not everyone pays $17/month. It depends on other factors.

 

Please consult Medicare for accurate information

1-800-633-4227


@bluehost  I have accurate information.  It's been accurate for me for a while now.