Questions about retirement - Page 3

Desertdi · ‎03-13-2010

@lulu2 wrote:
@Nuttmeg wrote:
Many seniors apply for SSA benefits online.
https://www.ssa.gov/retire/apply.html

I agree. It is not necessary to visit a social security office to apply for benefits. Doing it online is easy and self explanatory.

Welcome to the world of retirement.

I did it by phone.......they have an 800 number

♥Surface of the Sun♥

151949 · ‎03-09-2010

@Jasmine19 wrote:
One thing that surprised me was that the amount you think you'll be getting from social security is far from the amount you actually receive each month. A charge for part B and another for part D is deducted from your check. If you don't sign up for B and D at the appropriate time you may be penalized (every month forever!). You should also realize that, depending on your income, you will probably have to pay taxes on your SSI income.

For a couple the first $34,500 of SS income is tax free, I believe, then you pay after that.You will pay taxes on any money you take from your IRA as it was tax free money when earned so you pay now. They do take from your SS check whatever you designate just like your paycheck.

And, yes, people do not realize that they are REQUIRED to buy part D coverage and if they don't they will be fined into all eternity for not doing so. if you buy an advantage plan that has Rx coverage that is ok.

As for United health care being so much more expensive - I have a UHC advantage plan with part D and I only pay my $104 a month and $0 premuim so that is just one example of misinformation you will get here.

Moonchilde · ‎05-23-2010

@Desertdi wrote:
@lulu2 wrote:
@Nuttmeg wrote:
Many seniors apply for SSA benefits online.
https://www.ssa.gov/retire/apply.html

I agree. It is not necessary to visit a social security office to apply for benefits. Doing it online is easy and self explanatory.

Welcome to the world of retirement.
I did it by phone.......they have an 800 number

I did nearly all of mine by phone and email. They will answer questions on the phone (long wait times but still worth it).

Life without Mexican food is no life at all

Moonchilde · ‎05-23-2010

@151949 wrote:
@Jasmine19 wrote:
One thing that surprised me was that the amount you think you'll be getting from social security is far from the amount you actually receive each month. A charge for part B and another for part D is deducted from your check. If you don't sign up for B and D at the appropriate time you may be penalized (every month forever!). You should also realize that, depending on your income, you will probably have to pay taxes on your SSI income.
For a couple the first $34,500 of SS income is tax free, I believe, then you pay after that.You will pay taxes on any money you take from your IRA as it was tax free money when earned so you pay now. They do take from your SS check whatever you designate just like your paycheck.
And, yes, people do not realize that they are REQUIRED to buy part D coverage and if they don't they will be fined into all eternity for not doing so. if you buy an advantage plan that has Rx coverage that is ok.

As for United health care being so much more expensive - I have a UHC advantage plan with part D and I only pay my $104 a month and $0 premuim so that is just one example of misinformation you will get here.

Whereas I am saving $75/mo by going with the plan from a smaller company vs. United's premium quote for me. That is just one example to demonstrate it's not one size fits all and doing your own research is key :-D

Life without Mexican food is no life at all

proudlyfromNJ · ‎05-01-2010

@Moonchilde I am also paying only 104.00 out of my SS check. Are you saying another company gave you less than that? I thought that was about the cheapest.

ID2 · ‎06-25-2012

Not only should you do whats been mentioned here but the first thing we did in preparation for retirement (we retired last June) was see our financial advisor. We couldn't have done it without his expertise!

"Pure Michigan"

151949 · ‎03-09-2010

@proudlyfromNJ wrote:
@Moonchilde I am also paying only 104.00 out of my SS check. Are you saying another company gave you less than that? I thought that was about the cheapest.

SS deducts the medicare premium out of your check weather you have an advantage plan or a supplement. Typically that amount is $104 - but for a few it is more. Then you have to pay your premium on either your supplement and Rx plan or your advantage plan on top of the $104. We are fortunate where we live that UHC offers a $0 premium advantage plan and when I was checked into the hospital for my knee surgery the lady in the office at the hospital told me that about 3/4 of the people around here buy the same plan we bought. too bad they don't offer the same coverages all across the country.

Moonchilde · ‎05-23-2010

@proudlyfromNJ wrote:
@Moonchilde I am also paying only 104.00 out of my SS check. Are you saying another company gave you less than that? I thought that was about the cheapest.

@proudlyfromNJ I'm not sure you're speaking of the same thing as I was. I'm speaking of the cost of a supplemental or a Medicare Advantage plan, not the Medicare deductible that is deducted monthly from everyone's check.

Where I will be living, Medicare Advantage plans are not available (not enough population), so I must choose a supplement. Medicare advantage plans are great and I wish I could have one as they do tend to be cheaper.

But since I must buy a supplement, the United Healthcare premium is $189 vs the $115 from the company I chose. The large companies also tend to raise rates at a higher percentage and more frequently. The company I am with averages just 2.5% rate increase, about as low as it gets.

Life without Mexican food is no life at all

proudlyfromNJ · ‎05-01-2010

Oh, ok @Moonchilde. I only pay the 104.00 because I have the Advantage plan which doesn't cost anything. I thought you were saying you had the Advantage. Thanks for clarifying.