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Weird. My medicare payment is only going up $9.80 per month.
He meant his net monthly increase after the Medicare premium increase is $102. Unless under IRMMA, everyone will see a $9.80:mo increase on Part B.
@recycled : I too, was going to wait until age 70, primarily as a potential annuity for DW if I died first. Like you, as we aged in to it each year, it seemed harder to believe it was worth waiting. I was willing to wait, but she insisted that it is not worth the delay for all the common arguments we read here all the time, especially since she is 5 years older. I will be 66 next year and would forego about $170k in payments over 4 years, waiting until 70. With even 4% earned on that money, since we haven’t needed it to live, it means getting a $1000 more in a check from SS than I have been pulling out monthly from a retirement account I specifically set up for that. Even if I lived to 95, and there were no SS cuts, it would take to about age 88, just break even, and the gain at age 95, would be at most $80k, eroded by whatever inflation would be 30 years from now. I did the math to prove to her it was worth waiting and instead she took it as proof it wasn’t!!
He meant his net monthly increase after the Medicare premium increase is $102. Unless under IRMMA, everyone will see a $9.80:mo increase on Part B.
@recycled : I too, was going to wait until age 70, primarily as a potential annuity for DW if I died first. Like you, as we aged in to it each year, it seemed harder to believe it was worth waiting. I was willing to wait, but she insisted that it is not worth the delay for all the common arguments we read here all the time, especially since she is 5 years older. I will be 66 next year and would forego about $170k in payments over 4 years, waiting until 70. With even 4% earned on that money, since we haven’t needed it to live, it means getting a $1000 more in a check from SS than I have been pulling out monthly from a retirement account I specifically set up for that. Even if I lived to 95, and there were no SS cuts, it would take to about age 88, just break even, and the gain at age 95, would be at most $80k, eroded by whatever inflation would be 30 years from now. I did the math to prove to her it was worth waiting and instead she took it as proof it wasn’t!!
most people decide that it isn’t worth waiting until 70 for one reason or another .
we did the same . if you look at my early posts i was big on waiting until 70 .
but once i hit retirement and stopped working pretty much that money to live on was bleeding from our accounts every month as we fronted ourselves the ss money .
with good market years all that cash kept as short term investments was hurting us more and more .
so at 65 we stopped the bleeding and filed earlier then i had thought i would.
today at 71 our income we can generate is larger then we would have had delaying since our accounts stopped being spent down and we had good investment years
I was going to wait til age 70 too...I would have received over $3500/month.
But took it at FRA(66)...getting $2773 after payment for Medicare.
The 1st payment started this past April. I was using the SS to pay up on my debt...but now I'm looking to live on just $2773/month...my company was sold and there's no job for me;and frankly...I can't/don't want to work anymore.
I can survive on $2773/month,even with rent...but I won't be able to pay anymore on my debts.
Plus,I was just diagnosed with cancer and will start chemo in 3 weeks and all I have until January is Medicare A/B.
So far I have $26K in medical debt;including from last year. Just hoping that death catches up with me before I default on my debts.
Most financial gurus tell you to wait til 70 to collect...I don't think so..
I was going to wait til age 70 too...I would have received over $3500/month.
But took it at FRA(66)...getting $2773 after payment for Medicare.
The 1st payment started this past April. I was using the SS to pay up on my debt...but now I'm looking to live on just $2773/month...my company was sold and there's no job for me;and frankly...I can't/don't want to work anymore.
I can survive on $2773/month,even with rent...but I won't be able to pay anymore on my debts.
Plus,I was just diagnosed with cancer and will start chemo in 3 weeks and all I have until January is Medicare A/B.
So far I have $26K in medical debt;including from last year. Just hoping that death catches up with me before I default on my debts.
Most financial gurus tell you to wait til 70 to collect...I don't think so..
I hope in January you will have a Medicare supplement because then you will pay very little. I wouldn’t worry about medical debt and make minimum payments or none at all if you can’t afford it. Since you rent there’s no property for them to lean. Best wishes for a successful healing and recovery.
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