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Old 02-28-2017, 02:40 PM
 
Location: Gilbert, AZ
3,182 posts, read 1,959,996 times
Reputation: 3320

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Quote:
Originally Posted by Geeo View Post
Thanks for the info on the difference in benefits between 62 and 70 while not working past 62. I'm just reaching the 35 year mark this year and i just reviewed my statement. There is a nice bump from last year on the benefits estimate, which I assume is because my first year of working has been replaced by my last year of working, which is much higher.

Yes, most likely you replaced a lower earning year with a higher earning year. Keep in mind, however, it's not nominal dollars they are looking at. There is an adjustment factor for each historical year, so a dollar earned 30 years ago has a much higher value that a dollar earned last year. They use your "best" 35 years after making these adjustments.
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Old 02-28-2017, 02:56 PM
 
Location: Idaho
1,454 posts, read 1,155,024 times
Reputation: 5492
Quote:
Originally Posted by arwenmark View Post
question for MathJack,
Regarding the medicare part B premium increase. We are in that boat , retired Dec of 2015 salary that year was about 170K and about 22K severance plus about 20K unemployment. income this year 2017 is 2250 SS for husband and 1034 spousal for me. So, 34.908 for this year. They have hit us with a big increase in medicare part B premium. the paper said you had 60 days to appeal, we missed that, what do we need to do to appeal and are we to late will it make any difference?. We have to do it twice too because I don't start part B or part A for that matter until June So while he needs to appeal now, they will do the same thing to me in June when I start Medicare and I will have to appeal and wait then to.

what form do we need and where do we find it? Any other thoughts on how to proceed?
I am not mathjack but our situation is similar to your (I retired at the end of November 2015) and we have gone through several rounds of appeals and still waiting to hear back from SS after filing another one last month.

The form which you need to fill is this one

https://www.ssa.gov/forms/ssa-44.pdf

You need to include a proof of your life changing event (a document from your former employer showing that you retired in 2015) and a copy of your 2016 income tax return showing that your income had reduced after retirement.

We had filed the ssa-44 form several times first to appeal my husband 2016 part B and D premium based on 2014 income. It was approved, the premiums were reduced based on our estimated 2016 income. After we filed 2015 income, we got a notice that we had underpaid 2016 because the premiums are higher based on 2015 income shown in the tax return! We had the same problem with 2017 premiums (first it was reduced after the appeal then it was raised even higher after we filed our 2015 income tax). We sent another appeal with a letter explaining that our 2015 income was high because I did not retire until near the end of the year. The reply we got from SS was to send in our amended 2015 income tax return!!

We figured that the ONLY WAY to prove that our 2016 income was lower than 2015 was to send in 2016 income tax return. This was the reason I hustled and filed our 2016 as soon as possible at the end of last month when we had received all the tax forms online.

I don't think that appealing before 60 days make any different. The key thing is to have the right kind of documents that SS office want to prove not only that you had a life changing event in 2015 but also that your ACTUAL income in 2016 is lower than in 2015.

We had appealed both in person and through the mail and found that it made no differences. For your case, I would suggest to come to SS office in person with 1) the SS letter of the wrongly assessed premiums 2) the filled SSA-44 form 3) document of your retirement in 2015 AND 4) A COPY OF YOUR 2016 TAX return.

Last edited by BellaDL; 02-28-2017 at 03:14 PM..
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Old 02-28-2017, 03:06 PM
 
71,589 posts, read 71,751,865 times
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we were lucky i guess . we went down for the appeal and got it right on the spot -done deal .
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Old 02-28-2017, 03:52 PM
 
8,123 posts, read 8,628,859 times
Reputation: 9086
Quote:
Originally Posted by JOinGA View Post
The point is, many women took time out of the workforce never thinking they would end up divorced. So there they are, personal choice or not, on their own with a very small income in their later years. This thread was about running out of money, right? Well, social security shouldn't run out (unless the Republicans achieve their ultimate wet dream), but it can be quite meagre and difficult to live on when it is all you have. I am sure many of the women who took time off are now thinking shoulda woulda coulda, but that isn't going to change their circumstance.
I think women in later generations anticipate that possibility. But this is the retirement forum and women in the baby boomer generation might not have known how much was going to change in the future. Many divorce laws changed dramatically over the past 30 years, including eliminating alimony and I think all states have now eliminated the need to prove "grounds" for getting a divorce. All those Henry Youngman/Rodney Dangerfield types of jokes about the woman getting the house, the big alimony, the cars, etc. may have been very relevant during the 60s and 70s, but wouldn't apply to anyone getting divorced late in life.
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Old 02-28-2017, 07:50 PM
 
Location: Haiku
4,082 posts, read 2,574,551 times
Reputation: 6018
Quote:
Originally Posted by BellaDL View Post

I don't think that appealing before 60 days make any different. The key thing is to have the right kind of documents that SS office want to prove not only that you had a life changing event in 2015 but also that your ACTUAL income in 2016 is lower than in 2015.
Our Medicare payment is based on an income year when we had high personal incomes and an unusual one-time money event, so we had a very high MAGI.

I called them up to ask about the 60 days and they said I could appeal any time. I am waiting to have 3 years of post-retirement income tax returns to demonstrate that the year they chose was a fluke.
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Old 02-28-2017, 08:04 PM
 
25,986 posts, read 33,003,034 times
Reputation: 32208
Quote:
Originally Posted by StealthRabbit View Post
And many never had that "Luxury" (saving for retirement).

This is America, the land of opportunity...
  • Opportunity to support your sick or destitute parents / extended family
  • Chance to provide rehab for wayward adult kids and parents
  • Medical emergency that breaks your bank
  • Unexpected job loss while leveraged with a house or loan payments (commercial props that got 'called' in 2008)
  • Uninsured litigation (yes, some people made mistakes, many attacked by sharks)


Some even get divorced! some even divorced several times!
Not sure what being in America has to do with it. S.h.i.t happens. It's called LIFE. Sometimes you're the windshield, and sometimes you're the bug.
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Old 03-01-2017, 03:52 AM
 
71,589 posts, read 71,751,865 times
Reputation: 49194
Quote:
Originally Posted by TwoByFour View Post
Our Medicare payment is based on an income year when we had high personal incomes and an unusual one-time money event, so we had a very high MAGI.

I called them up to ask about the 60 days and they said I could appeal any time. I am waiting to have 3 years of post-retirement income tax returns to demonstrate that the year they chose was a fluke.
we won the appeal on two fronts .

one was we were not in control of the asset sale since we were junior partners . we were also not retired yet and because we were living on cash basically in 2015 we had minimal taxable income . we had an income in 2014 over 500k with the sale and then fell to a taxable income of under 50k when we retired

they were able to squeeze those two in to a "life changing event ". typically the sale of an asset by itself is no grounds for getting premiums reduced . when they list losing an income producing asset as a reason for getting a reduction they mean loss due to fire ,theft ,etc , not the fact you sold an income property . so we were lucky they classified the event differently .
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Old 03-01-2017, 05:35 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,585 posts, read 39,962,822 times
Reputation: 23716
Quote:
Originally Posted by ChessieMom View Post
Not sure what being in America has to do with it. S.h.i.t happens. It's called LIFE. Sometimes you're the windshield, and sometimes you're the bug.
MANY countries have 'fall-back' social / legal coverages for the above, but in USA, you will likely be driven to destitution. THAT is quite unique to USA (sharks / lawyers / Very poor Gov support to avoid raping those with $$ eligible for capture. Once you are broke, and house / assets are all gone... USA is a different story
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Old 03-01-2017, 05:41 AM
 
Location: Central IL
15,238 posts, read 8,532,850 times
Reputation: 35672
Quote:
Originally Posted by ChessieMom View Post
Not sure what being in America has to do with it. S.h.i.t happens. It's called LIFE. Sometimes you're the windshield, and sometimes you're the bug.
Quote:
Originally Posted by StealthRabbit View Post
MANY countries have 'fall-back' social / legal coverages for the above, but in USA, you will likely be driven to destitution. THAT is quite unique to USA (sharks / lawyers / Very poor Gov support to avoid raping those with $$ eligible for capture. Once you are broke, and house / assets are all gone... USA is a different story
Now, now Stealth - we Americans don't like to be reminded that we're not 100% in control of our destinies. We can bounce back from ANYTHING and the last thing we need is gubmint help.
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Old 03-01-2017, 06:36 AM
 
25,986 posts, read 33,003,034 times
Reputation: 32208
Quote:
Originally Posted by reneeh63 View Post
Now, now Stealth - we Americans don't like to be reminded that we're not 100% in control of our destinies. We can bounce back from ANYTHING and the last thing we need is gubmint help.
Is English not your first language?
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