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Well, I guess my thinking is: Assume that your net Social Security check at age 62 is $1,000 which will be pretty much unchanging when netting the COLA against the Medicare premium increases.
If that person waits until age 70, even with the approximate 8% annual increase in benefits, would it be possible to still have a net Social Security check of $1,000 after paying higher premiums for Medicare because you weren't covered under the hold harmless rules?
Also, lets assume this person is married and starts their Social Security at age 62. If they later change to a widowed benefit (due to spouse's death), can their Medicare premium increase or are they still covered under the hold harmless rules?
no one can tell because we do not know how much more you will pay for medicare if you delay off in the future. one thing is for sure , it will be more than the cola's .
Again it is situational. Those with dual pensions especially significant ones will have those COLAs impacting their Medicare bill also
My further thinking is: the gross amount one receives from Social Security is unimportant except for tax planning purposes. It is the net amount of Social Security that is important because that amount is your spendable dollars. If by waiting to start Social Security your net amount winds up being similar to the amount you would receive claiming early due to increased medicare premiums, but the increased gross amount adds to your tax liability.... I'm not seeing the benefit of waiting to claim.
My further thinking is: the gross amount one receives from Social Security is unimportant except for tax planning purposes. It is the net amount of Social Security that is important because that amount is your spendable dollars. If by waiting to start Social Security your net amount winds up being similar to the amount you would receive claiming early due to increased medicare premiums, but the increased gross amount adds to your tax liability.... I'm not seeing the benefit of waiting to claim.
The loss of hold-harmless protection by delaying SS certainly is a factor in planning but I would not use it as the only factor. The increase in premium was about 10% in 2017, less than $240/year. Compare that to the 32% increase in SS you will have that will last the rest of your life. Let's say that 32% increase is about $9000. If you live to 95, that will be a net gain $225,000. That is far more than the $1000 total extra you will pay for Medicare.
i think about 30 a month or so right now . it changes every year .
medicare is funded mostly by the users . if the cola's are low then a bigger percentage has to be made up by new subscribers and those on medicare but not collecting .
the percentage of payment towards the budget is determined by income level .
i think about 30 a month or so right now . it changes every year .
medicare is funded mostly by the users . if the cola's are low then a bigger percentage has to be made up by new subscribers and those on medicare but not collecting .
the percentage of payment towards the budget is determined by income level .
So a Max at age 70 SS is 41K. A one percent Cola is $410 and a three percent 1,200k
Also at age 70 RMD's kick in to pile Even more income into the coffers
107k starts higher premiums on top of the regular premium increases in 2018
As far as total fixed income goes not only has that train left the station but may have never been in the station. By delaying until 70 folks can avoid going over thresholds in earlier years
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