# Retirement is on hold indefinitely



## QuickSilver (Nov 9, 2016)

I'm no longer feeling safe concerning my Social Security or Medicare..   I don't have hopes my savings will remain intact as the market plunges into another recession.   Therefore, I am very happy that I have a lucrative job and have not yet retired.  I will hang on to my job, AND my employer health insurance for as long as I can..  Suggest others who are fortunate enough to still be working to do the same.    Times they are a changin' folks.. and sadly, not for the better.  Seniors.. beware.   Better put what money you have in a very expensive mattress..  lol!!


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## Knight (Nov 9, 2016)

QuickSilver said:


> I'm no longer feeling safe concerning my Social Security or Medicare..   I don't have hopes my savings will remain intact as the market plunges into another recession.   Therefore, I am very happy that I have a lucrative job and have not yet retired.  I will hang on to my job, AND my employer health insurance for as long as I can..  Suggest others who are fortunate enough to still be working to do the same.    Times they are a changin' folks.. and sadly, not for the better.  Seniors.. beware.   Better put what money you have in a very expensive mattress..  lol!!


The prediction of a stock market melt down has been in articles for the last 6 months. To support the Obama administration economic picture the fed printed about two trillion dollars That two trillion boosted the stock market and as we know kept interest rates low. 


Seems reasonable to think that sooner or later that bond debt that increased the national debt would impact the ability to service the deficit. Toss in that Affordable Care Act that is turning out to not be affordable which impacts 1/6th of the US economy and it is clear no matter which candidate got the job come next January the handoff will be an unhappy mess to deal with. 

Meanwhile the stock market closed today with the DOW up 265 The S&P up 23 and the Nasdaq up 57.


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## Manatee (Nov 9, 2016)

Sounds like the predictions for the UK after the BrExit vote.  Similar actual results.  

You can always invest and retire out of the country.


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## Gemma (Nov 9, 2016)

QuickSilver said:


> I'm no longer feeling safe concerning my Social Security or Medicare..   I don't have hopes my savings will remain intact as the market plunges into another recession.   Therefore, I am very happy that I have a lucrative job and have not yet retired.  I will hang on to my job, AND my employer health insurance for as long as I can..  Suggest others who are fortunate enough to still be working to do the same.    Times they are a changin' folks.. and sadly, not for the better.  Seniors.. beware.   Better put what money you have in a very expensive mattress..  lol!!



Sounds like a good idea for now.  His plan suggests a 13.5% decrease in SS benefits, equaling about $182 less per month to start.


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## Son_of_Perdition (Nov 9, 2016)

Gemma said:


> Sounds like a good idea for now.  His plan suggests a 13.5% decrease in SS benefits, equaling about $182 less per month to start.



Reading his goals for the first 100 days, no mention of any SS cut.  But knowing it's on the horizon or at least discussion about cutting benefits has been tossed around many times.  I'm not saying it's not going to happen.  It's a hot potato issue that could reflect on the next election 2 years hence.  You have too many seniors that rely upon the current benefits just to meet basic living expenses.  Ryan's agenda was to cut the future benefits allowing those nearing retirement a heads up.  There are over 50+ million seniors now retired or eligible for benefits, I'm sure many of the current house members would think twice about making drastic cuts without an ease in period.


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## Gemma (Nov 9, 2016)

Son_of_Perdition said:


> Reading his goals for the first 100 days, no mention of any SS cut.  But knowing it's on the horizon or at least discussion about cutting benefits has been tossed around many times.  I'm not saying it's not going to happen.  It's a hot potato issue that could reflect on the next election 2 years hence.  You have too many seniors that rely upon the current benefits just to meet basic living expenses.  Ryan's agenda was to cut the future benefits allowing those nearing retirement a heads up.  There are over 50+ million seniors now retired or eligible for benefits, I'm sure many of the current house members would think twice about making drastic cuts without an ease in period.



I hope you are right, Son.  I don't see them worrying too much about Seniors when they will cut health care for so many people and make them have savings account for that.  Time will tell, I suppose.


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## Butterfly (Nov 10, 2016)

I didn't see anywhere he said he was going to cut SS benefits ,especially for those already on SS.


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## QuickSilver (Nov 10, 2016)

Butterfly said:


> I didn't see anywhere he said he was going to cut SS benefits ,especially for those already on SS.



It's always on the Agenda... that and privatizing Medicare.. giving Seniors a "Voucher" and letting them go out and try to negotiate health insurance with the private insurance companies..  Sound like something that is going to be good for us?   Can you imagine that?

In addition to that.. "means testing" always comes up.. when the GOP talks about entitlement reform. SO for those of us who have been frugal and saved money for our retirement, you can count on being penalized for that with benefit cuts..  Doesn't pay to do all the right things and save...


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## Ray (Nov 10, 2016)

Can anyone offer details about that 13.5 cut in SS benefits??

Knight - you re right about the market. And it really didn't matter who won the election - the next President was going to get slapped up aside the head by the results of all that funny money and artificial interest rates.


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## Knight (Nov 10, 2016)

Ray said:


> Can anyone offer details about that 13.5 cut in SS benefits??
> 
> Knight - you re right about the market. And it really didn't matter who won the election - the next President was going to get slapped up aside the head by the results of all that funny money and artificial interest rates.


Ray I'd hate to be in my 50's looking towards retirement and depending on Soc. Sec. as my financial support. I wonder how many understand the impact servicing the debt will have 10 years from now? or that more retirees = an increase in Soc. Sec. payout, More retirees = more age related health problems. Toss in an increase in servicing the national debt, and how we are living now will seem like the "Good Ol Days"  

https://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm

Politicians can't be oblivious to what is coming, but to really address what is coming is political suicide. No one wants their lifestyle impacted.


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## Mrs. Robinson (Nov 10, 2016)

Husband`s Union pension is going to be cut in half next July-and go away altogether in 2030. Ironically,we are currently paying the Trust Fund $1,400.00 per month to pay off a $275,000 debt for the Plan being underfunded during the many years we diligently paid our employees contributions. Nothing is guaranteed. When husband first joined the Union back in 1969,he was promised a pension and lifetime medical benefits-which we also paid into for each employee for many,many years. That benefit went away years ago.


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## Ray (Nov 10, 2016)

Mrs. Robinson - that stinks. Isn't there a governmental agency that is supposed to oversee pension funds??

Knight - you're right. Subsequent generations had it a lot easier than mine did over the years. But we are now reaping the benefits that they probably will not see.


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## Timetrvlr (Nov 10, 2016)

Quicksilver is quite right to hang on to his good job as long as he possibly can and sock away as much as possible for retirement. I worked at a good job until 67 before being forced out and I'm sure glad I did. We are now in our late 70's and have a very comfortable retirement with enough to keep us going for the rest of our lives.


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## Lon (Nov 10, 2016)

I love your positive and optimistic way of thinking. I'm sure it will benefit you.


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## Shalimar (Nov 10, 2016)

Lon said:


> I love your positive and optimistic way of thinking. I'm sure it will benefit you.


Charming. I love your usual warm and empathetic response Lon. Lol.


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## QuickSilver (Nov 10, 2016)

Timetrvlr said:


> Quicksilver is quite right to hang on to his good job as long as he possibly can and sock away as much as possible for retirement. I worked at a good job until 67 before being forced out and I'm sure glad I did. We are now in our late 70's and have a very comfortable retirement with enough to keep us going for the rest of our lives.



I'm already 68.. and have save over the years to supplement my SS check..   Medicare is the bigger concern.  Should that go away, who has saved enough to  pay their medical bills.. or pay the premiums private insurance would charge an elderly person with pre-existing conditions?..  When the ACA goes away.. we will again risk being denied due to pre-existing conditions.. AND there will again be a life time limit on insurance coverage..  How long will anyone's savings last with that?  

These things are going to hit seniors hard..


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## QuickSilver (Nov 10, 2016)

Knight said:


> Ray I'd hate to be in my 50's looking towards retirement and depending on Soc. Sec. as my financial support. I wonder how many understand the impact servicing the debt will have 10 years from now? or that more retirees = an increase in Soc. Sec. payout, More retirees = more age related health problems. Toss in an increase in servicing the national debt, and how we are living now will seem like the "Good Ol Days"
> 
> https://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
> 
> ...



You are forgetting that us BabyBoomers had our FICA DOUBLED by Regan to cover the fast number of us..  the Boomers are going to die off and there will be LESS people on SS than now.


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## Carla (Nov 10, 2016)

Gemma said:


> I hope you are right, Son.  I don't see them worrying too much about Seniors when they will cut health care for so many people and make them have savings account for that.  Time will tell, I suppose.



I can almost visualize thousands of AARP members (p----d off) surrounding the White House.


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## Manatee (Nov 10, 2016)

QuickSilver said:


> It's always on the Agenda... that and privatizing Medicare.. giving Seniors a "Voucher" and letting them go out and try to negotiate health insurance with the private insurance companies.
> 
> Medicare advantage coverage is supplied by Insurance companies who are paid by medicare to cover the individual.  It has worked very well for me for 17 years.  It has nothing to do with Obamacare.
> 
> Obamacare was touted to be a panacea for folks who were working age.  It is a very badly crafted disaster.  Things were left out that should have been in it and things were snuck into it that should never have been.


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## QuickSilver (Nov 10, 2016)

Manatee said:


> Medicare advantage coverage is supplied by Insurance companies who are paid by medicare to cover the individual.  It has worked very well for me for 17 years.  It has nothing to do with Obamacare.
> 
> Obamacare was touted to be a panacea for folks who were working age.  It is a very badly crafted disaster.  Things were left out that should have been in it and things were snuck into it that should never have been.





  What you don't understand is that Part A Medicare is FREE... (hospitalization)   It's covered by the Government whether you have Traditional Medicare or a Medicare Advantage plan..   Your Part B premium goes to your Advantage plan and that covers your Outpatient services.. If Medicare Stopped paying for your part A can you just imagine what the cost of your Advantage plan would be?   Now suppose you were given a voucher for maybe 5 or 6 thousand dollars and told you had to go out and get your own hospitalization (Part A) as well as your part B services.  AND since there will be no law protecting you from paying higher premiums due to pre-existing conditions, YOU will be paying the difference.  And the insurance companies... no longer bound by the Medicare regulations will be happy to charge you whatever they please..

Bottom line Manatee... you do NOT have privatized Medicare.. You have Medicare administrated by a private insurance company..   Once privatized and the government steps out of it.. you are going to suffer as much as those with traditional Medicare.


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## Manatee (Nov 10, 2016)

I still don't my healthcare run by the govt.  That would be like going to the DMV for a heart transplant.


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## tnthomas (Nov 10, 2016)

QuickSilver said:


> I'm no longer feeling safe concerning my Social Security or Medicare..   I don't have hopes my savings will remain intact as the market plunges into another recession.   Therefore, I am very happy that I have a lucrative job and have not yet retired.  I will hang on to my job, AND my employer health insurance for as long as I can..  Suggest others who are fortunate enough to still be working to do the same.    Times they are a changin' folks.. and sadly, not for the better.  Seniors.. beware.   Better put what money you have in a very expensive mattress..  lol!!



I hear yea QS, I came out of retirement for the same reasons, and will just try to work forever...


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## QuickSilver (Nov 10, 2016)

Manatee said:


> I still don't my healthcare run by the govt.  That would be like going to the DMV for a heart transplant.



Then get ready to PAY...and pay and pay and pay and pay and pay.. lol!

All kidding aside.. what makes you think your healthcare is run by the government?   I have worked with hospitals and Medicare for 40 years...   The Doctors run the show...and make the medical decisions... Medicare pays..  Maybe not as much as the doctors would like, but that's the breaks. Also, People with Traditional Medicare are able to see any doctor and any hospital.. they are not restricted as in Medicare Advantage.  Should we privatize Medicare, the insurance companies will be able to deny procedures and restrict your access to care indiscriminately.  The real death panels will be implemented.    No one I know with Medicare is unhappy about the care they receive..   Medicare is a very successful program.. and loved by all who have it..  Do you want to see it privatized and destroyed?


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## Lethe200 (Nov 12, 2016)

I would not suggest holding off on Medicare, if possible. For one thing, when you turn 65, even if employed most group insurers will require you to apply for Medicare so they can become the secondary insurer rather than the primary.

For another, Speaker Paul Ryan was already quoted today that "Medicare is 'up for grabs' in 2017". People already enrolled in Medicare wouldn't see much change, but there will BIG changes for future retirees.


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## Gemma (Nov 12, 2016)

Lethe200 said:


> I would not suggest holding off on Medicare, if possible. For one thing, when you turn 65, even if employed most group insurers will require you to apply for Medicare so they can become the secondary insurer rather than the primary.
> 
> For another, Speaker Paul Ryan was already quoted today that "Medicare is 'up for grabs' in 2017". People already enrolled in Medicare wouldn't see much change, but there will BIG changes for future retirees.



My husband is still working at 65 and he's employer told him that their insurance is primary, and is.


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## QuickSilver (Nov 12, 2016)

Gemma said:


> My husband is still working at 65 and he's employer told him that their insurance is primary, and is.


\\\

This is true..  when I turned 65 I received Medicare part A.. Since I was still working I deferred Part B and continued using my employers group insurance as my Primary.   This January I am dropping my group insurance and going straight Medicare part A and Part B..  as well as a Blue Cross supplemental plan.


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## Gemma (Nov 12, 2016)

QuickSilver said:


> \\\
> 
> This is true..  when I turned 65 I received Medicare part A.. Since I was still working I deferred Part B and continued using my employers group insurance as my Primary.   This January I am dropping my group insurance and going straight Medicare part A and Part B..  as well as a Blue Cross supplemental plan.



Yes, he also deferred Part B.


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## QuickSilver (Nov 13, 2016)

Gemma said:


> Yes, he also deferred Part B.



Yes.. me too..  But this January I'm dropping my group ins and going full Medicare.  I had to bring an affidavit to the SS office to prove I had insurance for the last 3 years so I wouldn't incur a Part B penalty for late application. Make sure your hubby gets that.  I think you can print out a blank affidavit on the Medicare.gov site, or pick one up at the SS office.  HR will fill it out.


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## Gemma (Nov 13, 2016)

QuickSilver said:


> Yes.. me too..  But this January I'm dropping my group ins and going full Medicare.  I had to bring an affidavit to the SS office to prove I had insurance for the last 3 years so I wouldn't incur a Part B penalty for late application. Make sure your hubby gets that.  I think you can print out a blank affidavit on the Medicare.gov site, or pick one up at the SS office.  HR will fill it out.



Good information you provided!  Yes, we already knew that.  His HR dept had already advised him about the affidavit and told him when he decided to retire or switch over to Medicare, they would automatically take came of this paperwork.


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## pteacher (Nov 21, 2016)

I only work part time, but am glad to have the income.  Husband is now on SS, but still has a small business that brings in a small amount of income.  We do have some savings, but if we wound up in a senior facility, it wouldn't last long.  I do hope our health holds out and we are able to stay in our paid for home and independent.


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## OneEyedDiva (Dec 4, 2016)

Unless you've already figured in the Medicare premium Gemma, it's less than that! Quicksilver...the bottom line is that you must do whatever makes you feel secure and comfortable. There's certainly nothing like having good health benefits. You see the silver lining in staying on the job so that's a good thing. Hopefully you can save money while you keep working.


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## OneEyedDiva (Dec 4, 2016)

Ray I had read speculation about a cut for a couple of years before actually seeing it on the Social Security web site that they expect there to be a cut by 23% across the board for everyone by 2033 due to the depletion of the fund. SS took the announcement down but a few months later, I got a message from them (within my account) stating the same thing. I wish I had taken a screen shot of it because that disappeared too. Social Security Disability benefits were slated to be cut this year. http://www.pbs.org/newshour/making-...enefit-cuts-for-millions-of-disabled-workers/     And here's an article about the projected cut in 2033. 
http://www.heritage.org/research/re...st-fund-reports-massive-deficits-benefit-cuts


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## Butterfly (Dec 5, 2016)

They could solve most if not all the problem if they would increase the earnings cap on SS payroll deductions.


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## Kitties (Dec 6, 2016)

I think it's good if someone wants and can work as long as they have to. Of coarse being able to do the job physically is a consideration.

I need very little for retirement (I think). I don't mind being broke. I've been there before. I need a safe home and I'm still looking for a mobile in a park. I need the ability to take care of and feed my cats and feed myself. So at this rate, I'm hoping I will have that.

I'm still working full time and looking at some other options.


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