# How Much is your Monthly Social Security Check VS Medical/Dental costs & Your state??



## Outdoorsygal (Dec 26, 2017)

For anyone who is comfortable answering. 

If you are part of a couple, please include total ss amounts for both.

Just curious how much money people have leftover after all medical and dental costs. Our choice will be Medigap policies if still available

We might be close to the medicare savings program lines so might want to take SS earlier. 

Remaining under 2k mo. allows a medicaid spend down if it's ever needed

If I can continue working, we'll be ok and not need either as our SS would be higher.

Late bloomer here due to the ACA providing health insurance which got me healthy so I'd like to work as long as possible, until I drop dead

Trying to figure the money left-over after medical & dental costs (insurance premiums, co-pays, co-insurance, ) 

Thanks in advance to anyone who is comfortable answering. 

Hope Everyone had a Merry Christmas :love_heart:


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## mathjak107 (Dec 27, 2017)

we spent 15k on dental , 500 on glasses  . we get 40k a year pre deductions from ss .  if i had to go by how much is left after paying for healthcare , insurance and our ltc policy i would never have retired . ss is only about 1/3 of our retirement income .


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## rkunsaw (Dec 27, 2017)

Our medical expenses vary a lot from year to year but most of the expense is paid by medicare and insurance. Our combined is less than $3000  a month after medicare is taken out. We also  have a pension from work. 

We owe nothing except monthly utility bills. After being retired for ten years we are still adding to our investments instead of drawing from them. 

My suggestion is to get completely out of debt and stay that way before you retire. I realize that's not possible for everyone.  There are health issues and other things that have an effect, but being free of debt and having savings are goals that will make retirement more comfortable.


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## Outdoorsygal (Dec 27, 2017)

Thanks you both.
Larry we will be out of debt within the next 2 years. No question about that. House paid off.
I have a small 401k which I am not planning on touching, ever. If all goes as planned. It will be part of our child's estate.

I wanted to work until I drop without risking the ability to spend down to medicaid (due to his current health issues) or have alot of extra $$ left over to help ensure it is enough $$ to cover him if when/any medigap policy doesn't pay off.
It appears there will be less than 100K saved when I enter retirement- based on if we sell some land we own by then. Very realistic since the land has 3 springs on it. Also a small home which  makes "remodeling" much cheaper

Also... how good we do on Real Estate until then. 

He is planning on adding a few bedrooms to our new house, fixing up the outside (which he can do, he's a painting contractor) and re-selling the house to get into a house with a smaller house payment. Good deals come up once every year or so...so it seems very do-able. He will be 65 in about 5 years. I am 8.5 years younger.

Most likely we will be out of the realm for a medicaid spend down for myself so a medigap policy for me must do. It's more him I am concerned about. It is doubful he will live beyond age 75.


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## Capt Lightning (Dec 28, 2017)

The state pension / benefits system in the UK works as an inverse  investment,  the more you contribute, the less you get back.  This is designed to discourage hard work and saving.  The basic state pension which is based on years, not amount,  of contributions,  is inadequate for an enjoyable retirement.  If you have a decent pension from your work, that's fine, but if you haven't, don't worry, the state will hand you everything on a plate.

On the other hand, medical & dental care is taken care of and is largely free at point of delivery throughout your life (if you don't die while you're waiting for treatment).  So, when you retire, many UK seniors have an adequate pension(state + private) - maybe the equivalent of $ 25k -$40k,  but have no mortgage or  medical costs.


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## Knight (Dec 28, 2017)

I can't relate to the question asked, because we have a unique situation. In my early 30's there was a warning like now that Soc. Sec. may not be in place. So we planned for no Soc. Sec. 


At 62 Soc. Sec. YEA it stll was. So $1000.00 of my payment was sent to our brokerage account, the rest for fun. 3 years later my wife's Soc. Sec. kicked in, now a total of $2000.00 a month was sent. 3 years at $1000.00 a month 11 years at $2000.00 a month. That money has gone into a variety of investments that have increased in value. The rest for fun. Easy to live on two pensions and the distribution of MRD's from two self directed IRA's each and two traditional IRA's each. 


Health no deductions for a bottle of asprin that has lasted for over a year. 


Dental we could use a plan paid for dentist but would have to change from the one we've been with for the last 15 years. Still no real expanse because the company I worked for in lieu of paying for health care insurance after I became eligble for Medicare they set up a spending account to be used for dental, meds & other needs. 


Can't claim mortgage since home was paid for with cash. 


Only federal taxes on Soc. Sec. & the income from MRD's


I wish it was possible for every person to have the kind of good fortune we enjoy. We don't hoard money we spend it in the local economy but plan for and know our sons will enjoy an improved standard of living when they receive what we expect to leave them.


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## retiredtraveler (Dec 28, 2017)

Knight said:


> I can't relate to the question asked, because we have a unique situation. In my early 30's there was a warning like now that Soc. Sec. may not be in place. So we planned for no Soc. Sec.....I wish it was possible for every person to have the kind of good fortune we enjoy. We don't hoard money we spend it in the local economy but plan for and know our sons will enjoy an improved standard of living when they receive what we expect to leave them.



We're in similar situation. DW and I lived_ below_ our means for 40 years, and started saving and investing in the markets in our 20's. I don't need the SS, so I'm letting it gain in value until age 70. Our family will become beneficiaries too. We've started gifting the nieces and nephews already to help them along.


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## peppermint (Dec 28, 2017)

I have great Medical for Doctor's and Hospital stay....I have Dental coverage,  for me and hubby....I don't give out what I pay...It's really not a good thing to tell all....
We do have Social Security benefits....We both worked for a long time before we retired...Even though a job I had for 25 years came when I was in my 30's...I did take some
part time jobs as the kids were in Middle School, so SS is enough...And my husband worked from when he was 16 years old....So he has a Higher SS....
But we do have investment...I don't worry about money, like when we got married at 20 years old.   We had hard times but we persevered....


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## Lethe200 (Dec 28, 2017)

Will not be taking SocSec until Jan 2018. Estimate is around $2000/mo. Spouse is unfortunately under WEP (funny how that doesn't apply to politicians, LOL) so altho he has his 40 qtrs, his SocSec will be reduced 60%. He might get $400-500. We figure it will pay his Medicare B premium. 

He is 2 yrs from full age; I told him not to wait. The GOP want desperately to privatize SocSec and reduce benefits, so altho reductions should hit younger Boomers/Millennials and not him, I think it advisable he file sooner rather than later.

We have minimal medical expenses, since we have retiree medical benefits with the Kaiser HMO, which includes all prescriptions at $10 co-pay. The medical plan itself had a premium of $1150/mo. for a couple, but now that I'm under Medicare as first payer, I'm not sure what the plan cost would be (to the employer). Currently, our premium as a couple is $135/mo. Medicare for me doubled our monthly cost.

We have VisionCare insurance for $25/mo. Dental quote was $1200/yr which didn't make sense for us; we see our dentist regularly and it doesn't cost us that amount in cleanings and Xrays (altho it's close sometimes!).

State of residence is California. HTH.


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## hollydolly (Dec 28, 2017)

Capt Lightning said:


> The state pension / benefits system in the UK works as an inverse  investment,  the more you contribute, the less you get back.  This is designed to discourage hard work and saving.  The basic state pension which is based on years, not amount,  of contributions,  is inadequate for an enjoyable retirement.  If you have a decent pension from your work, that's fine, but if you haven't, don't worry, the state will hand you everything on a plate.
> 
> On the other hand, medical & dental care is taken care of and is largely free at point of delivery throughout your life (if you don't die while you're waiting for treatment).  So, when you retire, many UK seniors have an adequate pension(state + private) - maybe the equivalent of $ 25k -$40k,  but have no mortgage or  medical costs.



This is all so true... but it just occurred to me when I read your last sentence...there's a lot of retired people living in rented property both private and HA owned..and with just a state pension to live on ..and probably having lived on a basic wage will have no private pension... what happens to them?.. How do they pay their rent and council taxes as well as utilities and  food etc.. after working for 50 years and paying Nat Ins.. all their lives? Just a rhetoric question of course, I'm not expecting you to know all the answers!!


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## Outdoorsygal (Dec 28, 2017)

Thanks everyone!


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## Capt Lightning (Dec 29, 2017)

You're quite right Hollydolly that many people must also only have the basics to live on.  I expect that my parents were in that position, though they would never have discussed their finances with anyone.    I was being rather cynical, but it does annoy many seniors that having worked and saved all your life, you're simply told to look after yourself.  My central heating boiler is getting old and a bit unreliable and by coincidence, out of the blue, I received a phone call saying that if I was receiving benefits over and above my pension, I could have a new heating system  FREE.  I felt like telling them where to stick their boilers!


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## Uptosnuff (Dec 30, 2017)

Lethe200 said:


> Will not be taking SocSec until Jan 2018. Estimate is around $2000/mo. Spouse is unfortunately under WEP (funny how that doesn't apply to politicians, LOL) so altho he has his 40 qtrs, his SocSec will be reduced 60%. He might get $400-500. We figure it will pay his Medicare B premium.



I am in the same WEP boat.  My mouth just dropped open when I first found out about it.  When I retire in about 3 1/2 years, my SS isn't even going to be a consideration for us even though I paid into it for years.


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## KingsX (Dec 31, 2017)

.

I took early retirement at age 55.  My former company pays all my medical insurance and I pay a small amount for dental.

Thank God, in the past 10 years,  I have not had to use my medical insurance. 

 Now that I am 65 and on Medicare, my former company pays all of my Medicare F supplement cost plus a separate drug policy. 
 I pray I continue to not need either


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## OneEyedDiva (Jan 5, 2018)

Because I retired so early, my net SS is only $1,055 a month. But I invest most of that because my state pension is more than enough to live on. That is in part due to low housing expenses being the owner of a co-op unit. Our board has acted to keep costs well below the average apartment costs in the area. The other reason is because my retiree health insurance plan is excellent. Last year my medical bills were a bit higher because my dental bill was just over $2,500 for one crown and a cleaning. Doctor bills totaled $120 for the year which included several visits to my primary care and specialists.


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## KingsX (Jan 5, 2018)

OneEyedDiva said:


> Because I retired so early, my net SS is only $1,055 a month. But I invest most of that because my state pension is more than enough to live on. That is in part due to low housing expenses being the owner of a co-op unit. Our board has acted to keep costs well below the average apartment costs in the area. The other reason is because my retiree health insurance plan is excellent. Last year my medical bills were a bit higher because *my dental bill was just over $2,500 for one crown and a cleaning.* Doctor bills totaled $120 for the year which included several visits to my primary care and specialists.




That dental work sounds very high to me.  But I last had a crown several years ago, so maybe prices have risen that high.

I have a dental plan that only pays out a max of $1000 a year.  But if I stay in a certain dentist network, the dentist has to write off allowable amount differences and that can also save me money over and beyond the $1000 payout limit.

Your  co-op sounds great.  Here in the Dallas area private companies have built nice senior apartments that are partially government funded, so the rent is based on income.

.


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## mathjak107 (Jan 5, 2018)

we pay about 2800 here in ny for a root canel and crown and 5k for an implant and all the stuff that goes with it


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## nvtribefan (Jan 5, 2018)

OneEyedDiva said:


> Because I retired so early, my net SS is only $1,055 a month. But I invest most of that because my state pension is more than enough to live on.



Collecting a state pension and SS?  How are you avoiding the WEP?


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## Harley (Jan 6, 2018)

Not enough! ;


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## peppermint (Jan 7, 2018)

Harley said:


> Not enough! ;



Good answer, Harley....


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## OneEyedDiva (Jan 8, 2018)

KingsX said:


> That dental work sounds very high to me.  But I last had a crown several years ago, so maybe prices have risen that high.
> 
> I have a dental plan that only pays out a max of $1000 a year.  But if I stay in a certain dentist network, the dentist has to write off allowable amount differences and that can also save me money over and beyond the $1000 payout limit.
> 
> ...





mathjak107 said:


> we pay about 2800 here in ny for a root canel and crown and 5k for an implant and all the stuff that goes with it



KingsX & Mathjak The dental work included a root canal & a special piece that had to be inserted to stabilize the crown. The dentist had done another crown for me years before and that piece was not needed at that time. The dental plan has a list of procedures and what they cost with and without the plan.

 Thanks, moving here is one of the best things I ever did (thank you Mama!).  If I had to pay apartment prices in the area and especially if I wanted what is termed a luxury apartment, my retirement would be a lot less comfortable.  Even if I chose to go into a senior development. Public housing takes 33% of your income, so I would have still wound up paying a lot more then what we pay here. The co-op mortgage is paid off but we have to deal with rising taxes which contributed to a $100 increase in our carrying charges last year. That was not a problem financially at all.


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## OneEyedDiva (Jan 8, 2018)

nvtribefan said:


> Collecting a state pension and SS?  How are you avoiding the WEP?



The WEP rule does not apply to me since I've always worked in"covered" agencies. Pension, Social Security and other deductions were taken out of my checks. Here is the WEP rule.
https://www.ssa.gov/policy/docs/ssb/v74n3/v74n3p55.html


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## Ruthanne (Mar 17, 2018)

not enough.


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## OneEyedDiva (Mar 21, 2018)

Because the State of N.J. offers excellent retiree benefits, my medical costs are next to nothing due to the plan I chose. I have Aetna Open Access Medicare. My doctor co-pays are $10 except I'm supposed to get one free annual checkup, which I think all Medicare plans offer (not sure). I pay nothing for surgeries and first post-op visits. With our prescription plan which just changed from Express Scripts to OptumRX, most of my meds, except the eyedrops for glaucoma, are $5 for a 90 day supply. The eye drops are $18 for 90 days. I'm not in the state's dental plan because it's too expensive, so the most I've paid for dental was in 2017 when I had to have a root canal and crown (with a special added procedure for stability). Those along with the cleaning ran me a little over $2,542 with the dental plan I have (also Aetna) via Dentalplans.com  Without the plan, I would have paid $4,138. The plan cost me $128 for the year.  I basically save/invest my SS.


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## Vinny (Jun 21, 2018)

We get $54,000 a year from SS. That will increase by about $3,000 in a few years when my wife switches from her spousal benefits to her own that are growing at 8% each year. I have a 401K that I am grandfathered into that pays 3% a year regardless of the stock market and is insured so that I can never lose my principal. We have a few hundred thousand in CDs with an online bank and are waiting for the next Bear market before we invest in two conservative mutual funds. 

We paid off our mortgage and all credit cards. Our fixed expenses which include some luxury items like full cable TV and new iPhones is $34,000 per year. With my required 401K withdrawals in three years we will be getting about $67,000 a year and not have to touch the few hundred thousand in CD's held for emergencies in the future. We have been there and done that in our younger days since we never had children and I made a good living. Been to 21 countries and 26 States and am done with travelling. My wife is happy just playing Bingo, cards and Mahjong three nights a week and going out to eat with our friends once a month. I am the big spender in the family and have expensive tastes and hobbies. However I have already bought all the things I need for my hobbies so we will not have those expenses anymore.

We feel very comfortable. We are basically home bodies now after moving 13 times and living in 9 houses during our 46 years of marriage. Staying home and out of each other's way for a good part of the day has worked out well for us. This place I live in has over 2,000 clubs/activities and they are all free to residents as well as the 29 golf courses. We get automatic membership in all of the Club house restaurants and free live music and half priced drinks every night.

Over the last 8 years we have been downsizing and saving. I have reduced my work week to only 3 days a week at a full weeks pay. I work from home so my wife and I have worked out the being together too much thing and not interfering in her routine. I work in shorts and a tee shirt so I am basically ready to retire next week. 

The original plan was for me to work 3 more years but with the finish line so close I lost interest in my job because most of what I did would not benefit me financially during the next 3 years. I no longer cared if the company lost a major contract and had to lay off people or reduce salaries. I no longer wanted to put in a lot of work for a project that would require a lot of my time and effort but not be around for the bonus.


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