Social Security - USA - ONLY FISCAL SOURCE

[greybeard23]

Just to chime in here on Medicare.&nbsp; Just hit 65 this year so had to deal with it.&nbsp; Part A, hospitalization is free, Part B is 104 dollars plus a month, they will take out 105, Part D is prescription drugs.<br><br>You automatically get Part A, you can opt out of Part B and Part D, if you do and decide or are forced to take it later when you show up at a hospital in an emergency, you will be charged 10 % a year for both, for each year you didn't sign up.&nbsp; That then is the cost for the rest of your life.&nbsp; So if you skip part B for a couple years, you will now be paying 125 dollars a month.<br><br>What happened with me, I took Part B, then came a form for Part D, but it was a form for Extra Help, a few questions about money on hand and in the bank.&nbsp; Sent that in and was given help for Part D.&nbsp; Just called medicare and had them sign me up to an insurance company.&nbsp; I don't use prescription drugs so I didn't care which company, since they were paying for it.&nbsp; Then, Medicare sent that info to the state, and I got&nbsp; another form to fill out about help with part b.&nbsp; They figured I didn't make enough or have enough on hand.&nbsp; So they now pay my 105 a month.&nbsp; Also, with part d, any prescription drugs cost less and there is no co-pay.<br><br>Don't know if all states do this, I need to check into it, because I would like to change my address to somewhere out west so I don't have to go back east once a year to take care of my vehicle.

 

[Morgan7600]

Hey greyb: Class of '66!&nbsp; We are brothers of the ages :::&nbsp; I have major health issues and will be 65 in Oct this year.&nbsp; I had Medical and the chumps cancelled it out of the blue for some reason I forget so I re applied.&nbsp; I should know next week and should be back on it.&nbsp; This is a CA program that I'm pretty sure pays the missing 20% so I won't need that Midigap crap!&nbsp; I tell ya', this is so complicated for us..<br><br>I'm a healthy eater and was working out most of my life but found out I had cholesterol in my plumbing<br>and was told it was hereditary!&nbsp; Imagine that!&nbsp; So live any way you want to is my new philos!<br>Artery shut down in Jan 2012 and after that awful hospital experience, I do not plan to go back!&nbsp; <br>I carry Nitro pills now!&nbsp; <br>Their med system is totally screwed up and looks like it's about to get a lot worse.

 

[caseyc]

Can anyone who is knowledgeable about social security answer this question for me? &nbsp;I'd like to confirm what a friend told me if it's accurate or not.<br><br>Based on the social security site, when I turn 62 (14 years from now), I am entitled to start retirement. If I elect to retire at 62, the SSA site says I will get $1,128.00 monthly, assuming if I make $0 zero income from now to the start of retirement at 62.<br><br>My financial buddy says that based on an approximate 3% annual cost of living increase, and based on receiving social security benefits 14 year from now, the future value of that $1,128 amount will become $1,706.00 monthly.<br><br>So the question is this: &nbsp;<br><br>Will I be receiving roughly $1,706 monthly for social security benefits 14 years from now when I reach age 62 to start retirement?? &nbsp;I used to think I would only get the $1,128 monthly amount, which is currently what shows on the SSA site, but I've been told it will really be higher at $1,706 monthly in the future.<br><br>Thanks,<br>Casey<br><br>

 

[Morgan7600]

Hey casey,&nbsp; I'm pretty sure the figure you are looking at would not change unless you pay in more.&nbsp; Then it would increase accordingly.&nbsp; I checked the numbers when I was 63 and found that waiting another 2 years would only increase my monthly pension by very little so I took it early and it was a very good decision because there has been no work and no reason to wait.<br>For you however, you may be just about on the threshold point where those buggers could begin to mess around with your funds.&nbsp; You never know with this bunch.&nbsp; Good luck man.

 

[greybeard23]

I can't accurately answer your question other than I watched what mine would be for years prior to retiring at 62 and that was what I got.&nbsp; The first couple of years Congress decided there was no cost of living increase, so those on SS didn't get an increase.&nbsp; We finally got a small increase last year, the first in three years.&nbsp; It would be nice if we got one every year.&nbsp; But when one does come, there usually is an increase in the Medicare Part B, last year it went up ten dollars.

 

[caseyc]

Soooooooo, I probably will get more than $1,128 monthly 14 years from now? &nbsp;Assuming there will be cost of living increases?

 

[greybeard23]

Hi Morgan, at least we made it this far.&nbsp; I am no fan of doctors, never trusted them, don't like being a guinea pig.&nbsp; Did go through major back surgery at 22, but after dealing with that surgeon and not doing what he said, he told me he didn't want to see me again.\<br><br>Luckily I have been doctor free for years, try on my own to figure what my body needs and do my best to eat accordingly.&nbsp; So far that has worked.&nbsp; I do make some of my own tinctures to ward off flu and such, don't like needles.<br><br>But I don't expect to die healthy either.

 

[user 423]

Caseyc the amount will grow but inflation will eat into the actual buying power. Most states do pay for your Medicare premium if you're lower income but that level will be different for each state. Hey Morgan I had the cardio problems myself in '09 and other complications and got on disability and after 2 years qualified for MC and the Part D. The part D saved my a** because I was taking some very expensive meds. Now it's just blood pressure and diuretics that only cost me $6/mo. co-pay.<br><br>Keep in mind that if you're over 62 you qualify for senior housing anywhere in the country where they charge 25-30% of your income for rent. If something happens to your rig or whatever and you can't make it on your income, it's a backup plan. Large cities it can be hard to find a vacancy but in the smaller places, it's usually easier. Plus the overall cost of living is lower.

 

[Morgan7600]

Tony,&nbsp; Very cool.&nbsp; Great job on that map.&nbsp; How can I go wrong with friends like you guys.&nbsp; Hope to meet up some time in the not to far future..&nbsp; Thanks,&nbsp; M

 

[Morgan7600]

Hey slowday,&nbsp; thanks for that.&nbsp; Great info.&nbsp; Hope you are feeling great.&nbsp; I guess I'm doing ok under the circumstances.&nbsp; I just need peace of mind.&nbsp; That is why the master plan to begin a new adventure... M

 

[RJCooper]

I am&nbsp;in utmost awl at many of you for living well on your incomes.&nbsp; Money has always come easy for me and this was planned, not luck, but have wasted so much of it in my life when I look back and at 42 and look around at others my age and older I feel I made good choice.<br><br>A little about me.&nbsp; I am a 42 year old carpenter (union early retired after 20 years).&nbsp; Have run the gauntlet of relationships that has taken its toll on the bank accounts in time.&nbsp; I have had several major surgeries (Back, colon, etc.)&nbsp; With my age and looking at the government the way it is, I have pretty much opted out of any payback from my pay ins. If they are there, great, but not in my life's plans.&nbsp; I was lucky in being union and stocked lots of money away in annuities. Although when I opted for the early out, I could not get my pension yet until I am 55, I could use the annuity money.&nbsp; Without touching the principle, I get about $21,000 a year before taxes.&nbsp; Which leaves me with about $14,000 a year or the same as some of you get in SSI.&nbsp; I still work as I am way to work minded to quit just yet (do carpenters every retire?)&nbsp;and run a mobile handyman business and hire myself out to contractors on a day, week or short term basis for added income.&nbsp; <br><br>The best I can do budget wise for my style of road warriorism, about $400 a week or $20,000 a year.&nbsp; This is the best I can do as there is no boondocking here and the police are keen on the stealth thing. Besides, I don't sleep well in the truck, lol.&nbsp; My biggest expense is the campground fees.&nbsp; I know I could host or work there, but the $200-$300 a week, it is easier and less time consuming to work my trade in the camping area.&nbsp; <br><br>Sorry, I am getting off track.&nbsp; When I did look into SSI, for later in life, it was funny to me, that the year I was to receive it, was the year it was reported to be bankrupt so, I went to plan b and act as if it is not going to be there.&nbsp; The Ponzi scheme it is will catch up one day, so I am planning accordingly.<br><br>Again, I respect and admire the budgets you have to work with and wish you all the best.

 

[Zil]

Casy. Your SS payment is figured by how much you have earned over your life time. The longer you pay into SS the higher your SS payment becomes. SS estamate is asumming you continue to work until age. If you stop paying into SS (like under counter pay), you will collect less than SS estimates in 14 years. The amount will adjust for inflation using today's rule. So you will probable receive a bit more. Your best bet is to earn as much SS wages as you can until you are of age. Also sacrifice to put pre tax money into a 401k at work or an IRA of your own. Use an indexed fund for less fees.<br>I started collecting at 67. I continued working and banked 2000 per month for a couple years. <br>The only danger to future SS is if the devils privatize the program. Wall Street bankers being such good people and such.

 

[caseyc]

Hi Zil,<br><br>Actually, I'm pretty sure the $1,128 monthly amount will be the MINIMUM that I will receive when I retire in 14 years from now.&nbsp; I don't think I'll&nbsp;get any less than that amount.&nbsp;That's because the SSA site has a calculator whereby I entered a what-if scenario of earning&nbsp;"0" (zero) dollars&nbsp;from now to retirement, and the site gave me the $1,128 amount.&nbsp; <br><br>I also entered other income numbers such as what if I earned less than my current income, such as only $20,000 or $10,000, plus $0 amount.&nbsp; The funny thing is that the monthly retirement&nbsp;amount would only go up by just a little, not very much at all.&nbsp;<br><br>My financial buddy is an Enrolled Agent for doing tax returns, and is also a Certified Financial Planner (CFP), so he helped me to figure out my future amount based on the SSA site, and doing simple Future Value of Money (FVM) calculations using a Hewlett Packard 12C calculator.&nbsp; <br><br>My buddy has&nbsp;been keenly interested in the whole topic of social security benefits since he has only several years left before he&nbsp;can start to retire at&nbsp;about age&nbsp;60.&nbsp; That's why I've been picking his brain on this topic, but at the same time I&nbsp;want to run this by others on this forum.&nbsp;<br><br>Casey

 

[Morgan7600]

Casey,&nbsp; To echo somebody who posted earlier in this string.&nbsp; You are still relatively young.<br>While you<strong> will</strong> get your SS amount as discussed, the best thing you can be doing now besides<br>being sure you continue to pay into the SS system is to try to set up alternative sources<br>of retirement income whatever they may be.&nbsp; Of course, using caution and good judgement.

 

[caseyc]

Hi Morgan,<br><br>Yeah, that sounds good. Yes, I should start thinking of alternate sources of income. In the meantime, I will continue the usual "wage slave for life" corporate grind. I've been laid off a few times in the past several years, and I might get laid off again later this year. Such a drag. If I do happen to get laid off&nbsp;in the near future, I might want to do a cross country trip in my van and visit my relatives in New York.&nbsp;Would be cool to visit Florida and other coastal cities too.&nbsp; Fortunately, I've paid off all my debts, and own my vehicles, so that&nbsp;would help make things easier if I have no income for awhile.&nbsp;<br><br>Casey

 

[Morgan7600]

Hey Casey sounds like you are in good shape and the fact that you are thinking about your future is the best you can do...

 

[caseyc]

Thanks Morgan. I could have done better...much better. My biggest problem most of my working life&nbsp;was that I liked to spend too much. If I had better discipline, I would be much better off for the future. My current biggest assets are my health and freedom. I'm in excellent health, and I have no dependents, no debts&nbsp;or financial obligations whatsoever, other than paying monthly rent. That was by design by the way, not by chance! <img class="emoticon bbc_img" src="/images/boards/smilies/biggrin.gif">&nbsp; -Casey

 

[frickinducky]

My partner and I have a fixed income after Medicare of 1,390$. Because I need help with medical expenses, we are getting legally married to qualify for assistance programs. We are also planning to spend time in Mexico to lower our costs and allow us to start saving. Living in an rv means something will eventually need repair. We have been lucky so far in finding dispersed camping sites. We found it almost impossible in Massachusetts, but once we went west, it got a lot easier. I anticipate our costs dropping once we can install solar.

 

[TxGypsy]

You might want to consider renting a place in Mexico rather than driving your RV down.&nbsp; Many times it is cheaper to rent a simple Mexican style house than it is to rent an RV spot.

 

[Morgan7600]

frick,&nbsp; I plan to stay as far as I can from the right coast when I get going.&nbsp; Hey, I have a program called PAP or Patient Assist Program for qualifying meds.&nbsp; (Do a search for it)&nbsp; The pharmaceutical firms sponser it for low income folks like me.&nbsp; I have a stent from heart event in Jan 2012 and COPD Chronic Bronchitis so have to take 7 pills a day and use 4 different inhalers most every day.&nbsp; The inhalers are up to 250.00 each retail if you can imagine that.&nbsp; I guess they spray tiny flakes of gold dust with the med for craps sake!<br>I get everything but a few pills for free through PAP and what is not covered is cheap at Wally World!<br>Hooray for Walmarts and America ::: !