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Old 04-24-2016, 09:41 AM
 
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Quote:
Originally Posted by RetireGuy View Post
That is great info, thanks a lot. We are years away from Medicaid and like you, I had no idea we needed to plan ahead. Thanks for the heads up.
Oh you don't know how much you have to plan for even your retirement and elderly years or they keep taking you to the bank.

mathjak, I've learned a lot from taking care of my mother but this one slipped past me. Good to know, thanks.
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Old 04-24-2016, 09:50 AM
 
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Quote:
Originally Posted by mathjak107 View Post
as you learn more and more about retiring there are loads of things you will find you don't know . in fact i will go on record saying ,like most of us find , what we thought and how things are can be very different . i have switched my views on certain things r as i learned that whatever i thought had ramifications , downsides or benefits elsewhere only i didn't know enough to realize it , i thought filing ss early was a good thing , i have found for us it is not as an example .

yes medicare is income linked .

if you were collecting ss then you still pay the old 104.50 rate as a base rate up to 170k for a couple or 85k for a single since there was no cola's .

they bumped my wife from 104.50 to 389.80 because of our 2014 joint return and that is what we appealed and won .

if your 2014 income was :
So this means that if you are working then retire (jump directly from working income into SS) then they'll base your premiums on your working income?
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Old 04-24-2016, 10:14 AM
 
30,129 posts, read 47,361,961 times
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Originally Posted by Cruzincat View Post
Going to start getting Medicare at FRA, this August. First, the extra income will go towards this year's taxes, because of the w/d to pay last year's estimated taxes in Jan, 2016. Then, starting in Jan 2017, the extra income will go to paying off bills, and, if I can continue working, build a little more nest egg.

My earlier questions were based on a what if (I can't keep working).
Are you confusing Medicare and SS?

You write as though starting Medicare gives you a check--believe me, Medicare goes on cost side-not income...

If you wait until FRA to apply for SS, you have passed the 65 normal enrollment age for Medicare...
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Old 04-24-2016, 10:34 AM
 
71,660 posts, read 71,801,099 times
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Quote:
Originally Posted by petch751 View Post
So this means that if you are working then retire (jump directly from working income into SS) then they'll base your premiums on your working income?
working income plus any asset sales that had profits . i is always based on your magi two years back .

you can appeal it on the grounds you stopped work but if the incomes are close you may not win . we were lucky since the difference between 2015 and 2014 was 6x .

but we stopped work in 2015 so it opened a loop hole .
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Old 04-24-2016, 10:53 AM
 
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MAGI definition
Modified Adjusted Gross Income (MAGI) Definition | Investopedia
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Old 04-24-2016, 11:01 AM
 
39,277 posts, read 20,376,459 times
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Quote:
Originally Posted by mathjak107 View Post
working income plus any asset sales that had profits . i is always based on your magi two years back .

you can appeal it on the grounds you stopped work but if the incomes are close you may not win . we were lucky since the difference between 2015 and 2014 was 6x .

but we stopped work in 2015 so it opened a loop hole .
Good to know for planning purposes.
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Old 04-24-2016, 11:08 AM
 
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it sure is , this is stuff we don't know until it is to late
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Old 04-24-2016, 11:31 AM
 
Location: Hiding from Antifa?
6,422 posts, read 4,183,124 times
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Quote:
Originally Posted by loves2read View Post
Are you confusing Medicare and SS?

You write as though starting Medicare gives you a check--believe me, Medicare goes on cost side-not income...

If you wait until FRA to apply for SS, you have passed the 65 normal enrollment age for Medicare...
My bad. Starting SS at FRA! Already started Part A last year.
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Old 04-24-2016, 11:04 PM
 
30,129 posts, read 47,361,961 times
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Quote:
Originally Posted by Cruzincat View Post
My bad. Starting SS at FRA! Already started Part A last year.
Then you might be interested in this article about delaying Medicare B and D

How to properly defer Medicare enrollment

You might need to create account w/email but it's free
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