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Got mine yesterday, a 2.8% increase. I’ve got a whole year ahead of me with no deductions taken out. Then the big 65 hits and Medicare starts being deducted.
the increase between husband and me should almost cover the Mortgage payment 154.
My mortgage payment went down $27 and I'll take that too. So between that, and my SS, I guess I've 'gained' $47?? I'll take every dollar I can get. lol The 'good news' is that my renter now covers the entire mortgage payment. Just have to KEEP her!
I, for one, am super stoked about this increase. Because we now produce much of our food, have unlimited free firewood, and various other reasons, we expect our expenses to drop this coming year.
And yes, we are already "spending" the increase before we receive it. One third is going into savings, one third is going to help others, and one third is going to enable us to have lunch at the little cafe in town once a month. I am also receiving a raise on my late husbands' pension, and that is ALL going for travel!!!
Wife got hers about 2 weeks ago. About a $40/mo increase.
The real insult to Athenas $200/mo lower SS thanks to IRMAA, is that it is her first full year paying at the single rate, with MAGI between 133,500 & $160k. The tax increaee will dwarf the IRMAA charge. So besides getting to pay more for Medicare, while having paid more into it her whole career, she now gets to also pay a higher percentage of income in taxes. That is one reason why so many strongly recommend Roth conversions if married. The survivor sees no change in tax status (zero), on income from their Roth, earned or IRA income. In a perfect income scenario, all ones income would be Roth and SS, totally tax free. Of course, if a large pension is involved, causing ones high SS to be taxed at 85%, then IRMAA is guaranteed for a single person. But even getting MAGI below $133,500, saves over $80/mo. If my wife predeceases me, and the IRMAA limits don’t change, I will be in that boat, too. Income testing is alive and well.
Last edited by Perryinva; 12-12-2018 at 12:04 AM..
Wife got hers about 2 weeks ago. About a $40/mo increase.
The real insult to Athenas $200/mo lower SS thanks to IRMAA, is that it is her first full year paying at the single rate, with MAGI between 133,500 & $160k. The tax increaee will dwarf the IRMAA charge. So besides getting to pay more for Medicare, while having paid more into it her whole career, she now gets to also pay a higher percentage of income in taxes. That is one reason why so many strongly recommend Roth conversions if married. The survivor sees no change in tax status (zero), on income from their Roth, earned or IRA income. In a perfect income scenario, all ones income would be Roth and SS, totally tax free. Of course, if a large pension is involved, causing ones high SS to be taxed at 85%, then IRMAA is guaranteed for a single person. But even getting MAGI below $133,500, saves over $80/mo. If my wife predeceases me, and the IRMAA limits don’t change, I will be in that boat, too. Income testing is alive and well.
No, she didn't pay a penny into it during her career. The 1.45% Medicare tax she paid while working was for her Medicare Part A coverage, which as you know, is completely free in retirement.
No, she didn't pay a penny into it during her career. The 1.45% Medicare tax she paid while working was for her Medicare Part A coverage, which as you know, is completely free in retirement.
Well, yes, but I paid far more for Medicare A in retirement than average- for the same coverage. And now the IRMAA premiums are being charged to keep Medicare solvent.
Wife got hers about 2 weeks ago. About a $40/mo increase.
The real insult to Athenas $200/mo lower SS thanks to IRMAA, is that it is her first full year paying at the single rate, with MAGI between 133,500 & $160k. The tax increaee will dwarf the IRMAA charge. So besides getting to pay more for Medicare, while having paid more into it her whole career, she now gets to also pay a higher percentage of income in taxes. That is one reason why so many strongly recommend Roth conversions if married. The survivor sees no change in tax status (zero), on income from their Roth, earned or IRA income. In a perfect income scenario, all ones income would be Roth and SS, totally tax free. Of course, if a large pension is involved, causing ones high SS to be taxed at 85%, then IRMAA is guaranteed for a single person. But even getting MAGI below $133,500, saves over $80/mo. If my wife predeceases me, and the IRMAA limits don’t change, I will be in that boat, too. Income testing is alive and well.
The limit for single is $85K for the lowest premium, it goes up after that.
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