# Social security increase



## rkunsaw (Dec 16, 2013)

Just got our social security info in the mail today. We're getting a whopping $41 per month raise on our checks next year. We get farther behind the rising costs of living every year. 

At least we get something, my pension doesn't go up at all.


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## SifuPhil (Dec 16, 2013)

Larry, is that a percentage increase or a straight $41?


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## SifuPhil (Dec 16, 2013)

Thanks, hon - that's exactly why I wanted to know, because although I'm still at least 7 years away from collecting I figure it's about time I start learning the system. 

Maybe in seven years I can figure it out.


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## rkunsaw (Dec 17, 2013)

SifuPhil said:


> Larry, is that a percentage increase or a straight $41?



Yeah, Phil, a 1 1/2 percent increase. For us it comes to $41. They take $104 per month for medicare part B. My medicare supplement insurance and drug insurance are separate policies from private companies.


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## dbeyat45 (Dec 17, 2013)

SifuPhil said:


> Thanks, hon - that's exactly why I wanted to know, because although I'm still at least 7 years away from collecting I figure it's about time I start learning the system.
> Maybe in seven years I can figure it out.


Do that Phil.  Then you can help me understand the Aussie system ...........


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## Old Hipster (Dec 17, 2013)

Yep whenever there is an increase it is the same percentage for all SS recipients, this year the whopping 1.5 %. As already stated by others.

Everybody's part B medicare is the same amount, unless you are very poor or very rich. 

We just got my husband all signed up on his stuff, and a medicare supplemental policy and a mid-range part D.  

No wonder everything cost so much, all those insurance companies must spend a fortune mailing out endless amounts of crap, I mean information, that we never even requested.


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## Pappy (Dec 17, 2013)

Yessir...almost a tank of gas full, but it just about covers my increase in doctor's co- pay which is going up. Oh, and by the way. I just received a statement from the hospital from last months chemical stress test. 17 THOUSAND DOLLARS !!!!!!
Sorry for shouting but good lord, how can they justify this kind of money for a test that mostly took a few hours.


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## Old Hipster (Dec 17, 2013)

Pappy said:


> Yessir...almost a tank of gas full, but it just about covers my increase in doctor's co- pay which is going up. Oh, and by the way. I just received a statement from the hospital from last months chemical stress test. 17 THOUSAND DOLLARS !!!!!!
> Sorry for shouting but good lord, how can they justify this kind of money for a test that mostly took a few hours.


Holy Crap! I know anytime a person goes to the Hospital, for a test or procedure, even for a few hours, the charges are so outrageous that you are sure somebody accidentally added an extra zero!


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## JustBonee (Dec 17, 2013)

Old Hipster said:


> Yep whenever there is an increase it is the same percentage for all SS recipients, this year the whopping 1.5 %. As already stated by others.
> 
> *Everybody's part B medicare is the same amount, *unless you are very poor or very rich.


*

*My Part B is $115.40 monthly, because I didn't sign up for Medicare the first year I was eligible. They will stick it to you for trying to save a few bucks! ...  I have no Part D coverage (no penalty there, thank goodness)  And this past year I lost all my SS insurance when my husband died and I started collecting on his account... and you have to be 68-70 years old ? (I don't know which) to collect that amount at 100%.

They have way too many rules!!


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## SifuPhil (Dec 17, 2013)

dbeyat45 said:


> Do that Phil.  Then you can help me understand the Aussie system ...........



Lord have mercy, I doubt I'll ever understand the system THAT well - I still can't wrap my head around your minimum wage!


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## SifuPhil (Dec 17, 2013)

TWHRider said:


> I am now 66 and still don't have any regrets for starting my money early --- not that I don't trust the government or anything-------------------------but I don't



At this point, knowing so little about the system and knowing so much about my family's aversion to longevity, I think I'll hit the bank at 62-1/2.


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## Pappy (Dec 17, 2013)

I was legible at 62 and took the money and ran. Don't regret it for a second and after 26 years on the job, I was more than ready.


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## SifuPhil (Dec 17, 2013)

Pappy said:


> I was legible at 62 and took the money and ran. Don't regret it for a second and after 26 years on the job, I was more than ready.



My father always used to say that when he got up to the SS window for the first time they'd slam it shut in his face.

Me, I'll be ashes in the ocean if I wait until the maximum age.


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## rkunsaw (Dec 17, 2013)

Every one has to decide according to their own situation. If I'd retired at 62 that would not only mean a reduced amount of social security but my pension would also have been greatly reduced. By waiting until full retirement age My monthly income is much greater than it would have been plus I had an extra 3 1/2 years to put money in my 401k account, pay off the house and other debts. 

You certainly need to look at all factors before making the decision to retire.


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## Old Hipster (Dec 17, 2013)

Boo's Mom said:


> [/B]My Part B is $115.40 monthly, because I didn't sign up for Medicare the first year I was eligible. They will stick it to you for trying to save a few bucks! ... I have no Part D coverage (no penalty there, thank goodness) And this past year I lost all my SS insurance when my husband died and I started collecting on his account... and you have to be 68-70 years old ? (I don't know which) to collect that amount at 100%.
> 
> They have way too many rules!!


There is a slight penalty on the part D if you sign up for it later, not much though.
And they change the rules all the time!!



Pappy said:


> I was legible at 62 and took the money and ran. Don't regret it for a second and after 26 years on the job, I was more than ready.


That is my plan too! and if not right at 62, which will be June 2014, I'll go as soon after that as I can manage!


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## Old Hipster (Dec 17, 2013)

TWHRider said:


> I hope you can "take the money and run" when you hit 62nthego:
> 
> If you still need some extra money or just want to get out of the house a few days a week, you can make up to that $15,000 and some odd dollars I posted above, without your S.S. getting penalized. Meaning if you want a part time job doing something, you can do that
> 
> ...


I know it really sucks, my 85 year old mom gets a small pension and not much SS and she still has to pay some income tax. 

Right now my husband is on SS and with me still working we have to pay income taxes, we did last year, but I adjusted my withholding tax so maybe we won't owe much this year, if any at all.

I'm so sick of working I don't plan on working even part time when I retire. I am in the pension plan at my job, which they stopped a few years ago, but those of us who were old enough and been here enough years got to stay in the plan. PHEW! but I am taking that money in a lump sum and then doing something with it myself, with the help of a professional.


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## JustBonee (Dec 17, 2013)

Old Hipster said:


> There is a slight penalty on the part D if you sign up for it later, not much though.



Great! ..  ... something to look forward to ...


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## Old Hipster (Dec 17, 2013)

Boo's Mom said:


> Great! ..  ... something to look forward to ...


Here's some info, it's like a math phobic's nightmare.

You can avoid paying a penalty by:
*Joining a Part D drug plan when you’re first eligible for Medicare.*
*Not going 63 days or more in a row without a Medicare Part D drug plan or other creditable coverage. According to Medicare:* Creditable prescription drug coverage could include drug coverage from a current or former employer or union, TRICARE, Indian Health Service, Department of Veterans Affairs, or health insurance coverage. Your plan will tell you each year if your drug coverage is creditable coverage. This information may be sent to you in a letter or included in a newsletter from the plan. Keep this information, because you may need it if you join a Medicare drug plan later.
*Making sure to tell your plan about any drug coverage you had if they ask about it:* When you join a plan, and they believe you went at least 63 days in a row without other creditable prescription drug coverage, they will send you a letter. The letter will include a form asking about any drug coverage you had. Complete the form. If you don’t tell the plan about your creditable coverage, you may have to pay a penalty.
*The Penalty Can Add Up!*

How much the late enrollment penalty will cost you depends on how long you did not have creditable prescription drug coverage. The late enrollment penalty is calculated by multiplying 1% of the “national base beneficiary premium” ($32.34 in 2011) times the number of full, uncovered months that you were eligible but didn’t join a Medicare drug plan and went without other creditable prescription drug coverage.
The final amount is then rounded to the nearest $.10 and added to your monthly premium. Since the “national base beneficiary premium” may increase each year, the penalty amount may also increase every year. You may have to pay this penalty for as long as you have a Medicare drug plan.

*Example 1:* Mrs. Jones did not join a Part D plan when she was first eligible (by May 15, 2006). She joined a Medicare drug plan during the 2009 enrollment period (November 15—December 31, 2009), for an effective enrollment date of January 1, 2010. Since Mrs. Jones did not join when she was first eligible and went without other creditable drug coverage for 43 months (June 2007–December 2010), she will be charged a monthly penalty of $13.90 in 2011 ($32.34 x.01 = $.3234 x 43 = $13.90) in addition to her plan’s monthly premium. If Mrs. Jones continues with her Part D drug plan for the next five years, her penalty will cost her over $800.00

*Example 1:* Mr. Smith did not join a Part D plan when he was first eligible (by January 15, 2010). He joined a Medicare drug plan during the 2010 enrollment period (November 15—December 31, 2010), for an effective enrollment date of January 1, 2011. Since Mr. Smith did not join when he was first eligible and went without other creditable drug coverage for 11 months (February 2010-December 2010), he will be charged a monthly penalty of $3.60 in 2011 ($32.34 x.01 = $.3234 x 11 = $3.0) in addition to his plan’s monthly premium. If Mr. Smith continues with his Part D drug plan for the next five years, his penalty will cost him over $200.00


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## JustBonee (Dec 17, 2013)

> How much the late enrollment penalty will cost you depends on how long you did not have creditable prescription drug coverage.



Well, thanks for that ...NOT!    .Just love our wonderful Government programs .. they get you coming and going!!  ...


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## Davey Jones (Dec 17, 2013)

Phil,
When I turned 35 years old, I started to learn EVERYTHING about Social Security and its benefits.Today at 76 I get a real nice S.S. check ,so it pays to learn everything where your money goes especially when the U.S. Government take it out weekly out of your paycheck.
There are more benefits then most people know simply cause most of us trust the Federal Government and let them take care of it....BIG MISTAKE.


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## Old Hipster (Dec 17, 2013)

Boo's Mom said:


> Well, thanks for that ...NOT!  .Just love our wonderful Government programs .. they get you coming and going!! ...


They sure do!



Davey Jones said:


> Phil,
> When I turned 35 years old, I started to learn EVERYTHING about Social Security and its benefits.Today at 76 I get a real nice S.S. check ,so it pays to learn everything where your money goes especially when the U.S. Government take it out weekly out of your paycheck.
> There are more benefits then most people know simply cause most of us trust the Federal Government and let them take care of it....BIG MISTAKE.


Good for you Davey. 

And I agree people need to read up and understand what is in store for them. I have been fortunate enough to go to a few Retirement meetings at work where we had some expert advice. And then I spent the better (or worse) part of 3 months reading up on everything I could to get a better handle on what is in store for us, us meaning me and the mister.

My husband worked for himself for a number of years so his SS is not much and we decided he was still better off starting to collect at 62, but no 2 situations are alike.


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## SifuPhil (Dec 17, 2013)

Davey Jones said:


> Phil,
> When I turned 35 years old, I started to learn EVERYTHING about Social Security and its benefits.Today at 76 I get a real nice S.S. check ,so it pays to learn everything where your money goes especially when the U.S. Government take it out weekly out of your paycheck.
> There are more benefits then most people know simply cause most of us trust the Federal Government and let them take care of it....BIG MISTAKE.



Ah, I see, but I'm self-employed - a whole 'nuther level of insanity. I agree with you about not letting them take care of anything, but I think the time I would have to devote to understanding the ups and downs and ins and outs of HOW they work wouldn't be worth my time. They get very little from me as it is - I consider it pay-off money, to leave me alone. 

If the last statement from SS is anywhere near accurate, I'll be happy with what I get at 62-1/2.


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## SifuPhil (Dec 17, 2013)

Old Hipster said:


> My husband worked for himself for a number of years so his SS is not much and we decided he was still better off starting to collect at 62, but no 2 situations are alike.



Yep, that's pretty much the boat I'm in as well.


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## Old Hipster (Dec 17, 2013)

SifuPhil said:


> Ah, I see, but I'm self-employed - a whole 'nuther level of insanity. I agree with you about not letting them take care of anything, but I think the time I would have to devote to understanding the ups and downs and ins and outs of HOW they work wouldn't be worth my time. They get very little from me as it is - I consider it pay-off money, to leave me alone.
> 
> If the last statement from SS is anywhere near accurate, I'll be happy with what I get at 62-1/2.


We found the statement was very accurate in my husbands case.


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## SifuPhil (Dec 17, 2013)

Old Hipster said:


> We found the statement was very accurate in my husbands case.



Good to know - thank you!

I thought perhaps they had inflated it to draw me out from the bush ...


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## Old Hipster (Dec 17, 2013)

SifuPhil said:


> Good to know - thank you!
> 
> I thought perhaps they had inflated it to draw me out from the bush ...


Nope it's pretty darn accurate. And a person can go on the Social Security website and they have a calculator you can use and it works pretty much right to the penny too.


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## That Guy (Dec 17, 2013)

Too damned confusing.  Hey, GI, with yer DD214 you can get an extra few pennies . . . so say my veteran buddies who have jumped ship.  Plus, we get an aspirin and a bandaid from the VA.


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## Old Hipster (Dec 17, 2013)

I really think they make is so damn confusing on purpose, governement and insurance lingo, they don't really want you to know what's what, otherwise they would use language and terms we could all understand.

When a person starts trying to figure out all the alphabet plans, both from Medicare and the private sector, it can drive you nuts.

Funny that's how I ended up here when I was on the 'net looking for some info about Medicare in August, didn't find any info here to speak of, but sure did find a nice bunch of fun people! :sentimental:


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