Community Chat

[BirkiLady]

@libbyannE  We did the same thing! Didn't ever expect to collect Social Security. We invested like crazy all our working years. We never had a home loan longer than 15 years and always paid them off early. No car loans ever. And, I'm still investing!

Social Security was really, really helpful when health problems forced me to go on Disability at age 51. Six years later, my husband passed away unexpectedly. I'm grateful Social Security was there! Even more grateful we were diligent about saving and investing for our (my) own future. Whew!

My son was raised to invest at a young age, as well. He doesn't have the benefit of a great retirement system in his business. My DIL still does as an educator. They are savvy with their finances and investments, but realize Social Security won't be around for them. Unlike our generation, they also pay huge amounts for health insurance. We were so fortunate!  Their home is paid off. They own rental properties, as well.  I pray there will be plenty left for them and my grandson to inherit. It's becoming a scary world, isn't it?   

[BirkiLady]

@chrystaltree  What is SSA?

[libbyannE]

@elizabethl123@BirkiLady

You were so smart. We definitely are grateful for Soc. Security, but until I took early retirement, I always considered my payments into the system as charitable contributions that were helping someone else. You raised a smart son! I agree that it can be harder now, too, to save and invest. We both had long careers with great companies — and included paid health care. “Kids” today cannot count on that. We did buy quality rental homes in non-rental neighborhoods which paid for themselves—something my wise stepfather advised—and paid off homes early. 

[EastCoastGal]

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@BirkiLady wrote:

@chrystaltree  What is SSA?

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@BirkiLady... Looks like @chrystaltree went to bed. SSA is Social Security Disability or maybe that's SSI ?? I didn't receive my letter yet. I think my brother said he received his. I've never received any letters stating my Medicare went up. I retired at 55 ... SS at 62 and I'm 70 so seems odd that I wouldn't have received a letter. I'll have to contact SS. 

You're lucky you saved. Sorry you had to retire at 51 and then your DH passed. That's too bad. I never saved because I was on my own and couldn't afford it. A secretary in a school district didn't make that much years ago. Relieved I also receive State retirement now because I didn't save. There was always something that came up...home owner's insurance or ??

Take care @BirkiLady. 

[BirkiLady]

@EastCoastGal  Thanks for your kind words and explanation.

Yes, I received Disability or SSI (Social Security Insurance) from age 51 to 66 based upon my earings. At 66, I went on Social Security (same amount of money). Had never heard of SSA and didn't have a clue what that meant!  

[qvcaddition]

Guess I am lucky, a nice raise and my Medicare increased two dollars.

[NickNack]

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@SharkE wrote:

We did too. Most people don't think ahead and make bad decisions and come time for old age they just have SS to live on. From what I gather sometime in the future they will cut it back to 70% benefit think that's what I read.  That's yrs from now I'll be dead by then and won't care.

Glad we qualified for long term care insurance only one company offering that now too as I understand it.   I've seen bumper stickers on young people's cars wanting "medicare for all".   We paid 1,000 a month for insurance before we turned 65 and could get on it. Some just want to take a short cut and think it's their due.

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@SharkE  There are many companies that offer long term care insurance.  My BIL sells insurance and just looked into it for me with about five companies.

[catter70]

I got a raise, but like last year, most will go towards paying for the increase in Medicare, supplemental and part D costs. So, at least it covers those things, almost.

[patofl]

The raise in medicare this year is only $1.50. I'm sick to death of hearing people complain about another raise in medicare when it's only $1.50. I live in Florida and this time of year , this is all everyone talks about. All this discussion over $1.50.

As for raises in your supplement and part D, that was your choice. You have control over those, not the government. Did you look into changing to another company or plan?

[SharkE]

AMEN !   We're tickled to death to be old after yrs and yrs of paying horrible

monthly premiums, high deductibles.  We went out and celebrated at a nice restaurent when now we could get on Medicare.

True story........

all I know is my finance man told me the only company still offering long term care insurance was John Hancock and most people can't afford it or they wait to long to apply and try to pass the physical to get accepted.

We're both on it, so, we made it.