Community Chat

[Snowpuppy]

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@Mindy D wrote:

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@ALRATIBA wrote:

Social Security was never meant to be someone's sole income.

It's just one leg of a "three-legged stool."

Savings

Retirement 

Social Security

I worked and saved until I was 68 to so I had enough savings to be "comfortable."

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@ALRATIBA @It might have been the original idea but it hasn't been the reality in years. 

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@ALRATIBA has it correct. SS, if I recall was enacted during The Great Depression so that people would have a safety net in their later years.

I'm right there with her, I'll have to work longer too. I do have a traditional pension, early outs reduce my benefit by 30%. 

[Zaimee]

@NicksmomESQ @Annabellethecat66 

I believe the increase is because of IRMMA. You can look it up but basically if your income is above certain thresholds you pay an increased amount for Part B and Part D. 
There is a chart that delineates the level and amount that is taken out of your SS.

However, this increase is not based on 2020 but for 2 prior years! So, if in 2018 your income was higher than threshold, then, your Part B and D will be increased.

Maybe  @Carmie  will weigh in. 

[jannabelle1]

Are you kidding? $2000/month is a liveable income for many seniors in the central part of the country! They manage their money carefully...no, they don't have expensive homes and cars or a lot of extras, but they manage. Others aren't so lucky.

[Carmie]

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@Zaimee wrote:

@NicksmomESQ @Annabellethecat66

I believe the increase is because of IRMMA. You can look it up but basically if your income is above certain thresholds you pay an increased amount for Part B and Part D. 
There is a chart that delineates the level and amount that is taken out of your SS.

However, this increase is not based on 2020 but for 2 prior years! So, if in 2018 your income was higher than threshold, then, your Part B and D will be increased.

Maybe  @Carmie  will weigh in. 

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I agree with you.  SS never goes down, but your Medicare Part B preminum can go up if your income does.

Here is the chart of the cost of Medicare Part B based on your income.

[Katcat1]

We are lucky we received a raise considering the crazy year we have been thru.  Changing Subject.  The hospital I go to in Naperville, IL -- Edward Hospital received vaccines today.  I saw my dr. today and she said she was scheduled for 6 pm for her vaccine.  I know the Chicago hospitals received the vaccines but not sure how they selected the suburban locations.

[Kachina624]

@Annabellethecat66.  How would Social Security know anything about your investments or even your income?  That doesn't make sense.

[sceniccoast]

@Snowpuppy @ALRATIBA 

SS was created to be a suppletment to retirement.  Not as "the" retirement fund.  Originally, whatever a person has put in the fund, is what you get out of the fund.  Most people have already rec'd what they paid into it many years ago.  What they receive now is on the back of the upcoming generations. 

When I retire in March, after I receive my full amt. I've paid into it;

it then is funded by the generation behind us.  That's why I try to save in my 401K & bank acct.  After speaking with the investers of my retirement company, I took their advice & raised my 401K contribution earlier this year because I felt I needed more & wasn't a lot of time left. 

I feel bad for the upcoming generation because there're fewer of them contributing to SS.  It's not fair to them, etc.  Truthfully, it hurts but changes do need to be made to make it more fair for everyone.

It's a huge politcal issue .. won't get into that here.  Could be poofed!

[Carmie]

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@Kachina624 wrote:

@Annabellethecat66.  How would Social Security know anything about your investments or even your income?  That doesn't make sense.

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The IRS tells them.  You do have to pay Federal Income tax on all retirement income including SS.  ( unless you income is very low, then you are exempt)

[kivah]

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@Annabellethecat66 wrote:

I received a letter from Social Security notifying me next year I’ll be receiving over $400 less every month.

I worked for the government.  When my daughter was born, I quit work and never went back.

The money I get is from my late husband’s.

I asked my daughter why I was getting less and she said it was because my investments made a lot more money, so they reduced the amount.

I’m lucky in that I don’t need it to live on.

However, I know there are people who are expected to live on Social Security money.

How in the world are people supposed to live on $2,000 per month?

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I've been on social security for 15 years and just got a $16/month raise - grand total $1,080/month. Last week I told my gardener that I'll be giving him a $15/month raise. This is the 4th raise I've given him as he never asks and he's been taking care of my yard for 11 yrs - and he's the BEST.

[NicksmomESQ]

@Carmie  Thanks for the clarification.I didn't think it would affect the amount of SS.As far as the amount you pay for Medicare,I have a question.The $ amounts you posted is that net or gross income?