Community Chat

[the geeger]

While I appreciate any increase, not matter what it is it won't keep up with inflation.  Electricity up, gas up, grocerie way up, premium for part B of medicate up, part D up too.  There is no way you can win this game.

[gertrudecloset]

The Federal Government does not tax Social Security benefits if it is your "sole" income.  The states are different, however.  My State does not tax any portion of Social Security if it is your sole income. 

Some states do tax a small portion.  If a state does tax the social security it is not the entire amount and only a certain amount of it with the rest of your combined income.

[Sage04]

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@gertrudecloset wrote:

The Federal Government does not tax Social Security benefits if it is your "sole" income.  The states are different, however.  My State does not tax any portion of Social Security if it is your sole income. 

Some states do tax a small portion.  If a state does tax the social security it is not the entire amount and only a certain amount of it with the rest of your combined income.

@gertrudecloset  that's what I thought but I wasn't too sure.

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[MamaWick]

SS is not our sole income.  I have a pension, and we have our 401k.  We haven't needed to withdraw from the 401k (but will withdraw, of course, when we reach the mandatory age for withdrawal in a few years).  

[hckynutjohn]

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@Snowpuppy wrote:

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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?

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

@Snowpuppy 

I retired when I was 52, after 33 years on my job. My company plan was miles better than Medicare. I took my SS when i was 62, and stayed on my Company plan. At 65 I had no choice, it was Medicare. 

My SS was/is based on my income from a formula some bureaucrat worked up, just a guess, but it all seems " Greek to me".  My wife's SS is less than mine, but our Medicare deductions are the same.

I wish I could have kept my company plan, but at 65, it ended. No expert on this, I am only stating what I know from my own experience. 

hckynut  🇺🇸

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[gertrudecloset]

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@MamaWick wrote:

SS is not our sole income.  I have a pension, and we have our 401k.  We haven't needed to withdraw from the 401k (but will withdraw, of course, when we reach the mandatory age for withdrawal in a few years).  

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@MamaWickyou are lucky.  Lots of people rely solely on their income from Social Security for whatever their life circumstances are. 

[gertrudecloset]

Colorado

State Taxes on Social Security

Connecticut

State Taxes on Social Security

Kansas

State Taxes on Social Security

Minnesota

State Taxes on Social Security

Missouri

State Taxes on Social Security

Montana

State Taxes on Social Security

Nebraska

State Taxes on Social Security:

New Mexico

State Taxes on Social Security:

Rhode Island

State Taxes on Social Security

Utah

State Taxes on Social Security:

Vermont

State Taxes on Social Security:

West Virginia

State Taxes on Social Security:

Each of the above states have a different income threshold before you will be liable to pay taxes on a portion of your Social Security benefits.  Each State is different (as always).

[hckynutjohn]

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@SeaMaiden wrote:

Remember:

He giveth

He Taketh away.....

Do not plan on spending it😄

@SeaMaiden 

You may see it as "giveth and taketh". I do not. Just as my SS check falls under our feds Entitlement, I was not given a choice about deducting it from all my paychecks.

Who knows, I might have worked with my neighbor Warren Buffett, and made a fortune with the money they gratuitously took from my paychecks. 

I don't look at is as "giveth" me squat.

hckynut  🇺🇸

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[gertrudecloset]

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@hckynutjohn wrote:

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@SeaMaiden wrote:

Remember:

He giveth

He Taketh away.....

Do not plan on spending it😄

@SeaMaiden 

You may see it as "giveth and taketh". I do not. Just as my SS check falls under our feds Entitlement, I was not given a choice about deducting it from all my paychecks.

Who knows, I might have worked with my neighbor Warren Buffett, and made a fortune with the money they gratuitously took from my paychecks. 

I don't look at is as "giveth" me squat.

hckynut  🇺🇸

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@hckynutjohntoo bad Teddy's not here for you to tell him about himself!

[hckynutjohn]

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@gertrudecloset wrote:

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@MamaWick wrote:

SS is not our sole income.  I have a pension, and we have our 401k.  We haven't needed to withdraw from the 401k (but will withdraw, of course, when we reach the mandatory age for withdrawal in a few years).  

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@MamaWickyou are lucky.  Lots of people rely solely on their income from Social Security for whatever their life circumstances are. 

@gertrudecloset 

That word luck seemed to follow me around much of my life. It had absolutely nothing to do with the direction of my life. I didn't hear you made some smart choices, I heard "you were lucky".

I met @MamaWick and Papawick here several years ago.They are very smart and wise people. You may consider their present circumstances as luck, I do not. I prefer giving credit to people have made wise choices, and not blanket everyone with "you are lucky".

Now this is said from my own life experiences of hearing that word and phrase said to me adnauseam. 

hckynut  🇺🇸

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