Community Chat

[Carmie]

@NicksmomESQ   I think it is net income...the amount that is taxable.

[NicksmomESQ]

 @Carmie  Thanks .That's what I thought.

[sunshinestory]

If you make over $118,000 a year, social security will deduct your monthly social security checks if at full retirement age for the year.  (ex. your 2019 tax return showed you made $120,000.  You will have a deducted amount monthly from social security in 2021.)  You make too much according to social security.  Usually investments can bring in that income once cashed out.

[Sage04]

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@kivah wrote:

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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.

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@kivah  you are blessed. You brought tears to my eyes.

[spud188]

My SS check is $800 a month

[Hayfield]

Medicare is taken out of your social security check, so if your income goes up, the chart that someone posted in post #13 shows the amounts, your medicare payment increases for the next year and therefore, your social security check goes down.  People that have investments may have their social security payments go up and down as the medicare payment is based of the previous year's income.  Most people don't have that fluctuation but some people's social security check could fluctuate from year to year, but it's actually the medicare fee that's causing the fluctuation.  

[chrystaltree]

@ALRATIBA 

True.  I worked for SSA as a Service Rep many moons ago that was one of the first things they taught us.  It was never intended to be a person's sole source of income in retirement.  People were expected to have savings and retirement accounts but that idea  got lost over the years.  

[ALRATIBA]

@chrystaltree 

For years, I worked on the other side - financial institution - pensions and annuities. 

The "three-legged stool" was stressed.  But as they say "you can lead a horse to water ....."

[ladyann45]

I would check with Social Security about that because your investments has nothing to do with the decrease. You may need to check into your medicare premiums, they may have added something to it. Your plan may have changed so beaware of that.

[hckynut]

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@chrystaltree wrote:

@ALRATIBA 

True.  I worked for SSA as a Service Rep many moons ago that was one of the first things they taught us.  It was never intended to be a person's sole source of income in retirement.  People were expected to have savings and retirement accounts but that idea  got lost over the years.  

@chrystaltree 

Is it true, that along with that idea getting lost, so did a whole lot of $$$$? 

hckynut 

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