Social Security

Jacob Petersheim

Jacob Petersheim

Well-known member
I got a small benefit in March and get my first full one come April.

Because I have a pension I've been living on for 15 years, I'll be taxed on the 1st 85% of Social Security. Within a few years they say insolvency means we'll all get 24%-25% cuts as well.

Now they want to go further with a "cap" limiting singles to $50K and couples to $100K.

You have to navigate the IRMAA thresholds or see Medicare premiums jump radically. Lots of thing can get you there, such as IRA or 401(k) distributions (which are also taxed).

It's one gouge after another! At least we aren't running from Sabre-Toothed Tigers I guess.
 
I don't recall getting any "partial payment" when I started drawing SS. It just started on the month after I became eligible.

I suppose they're going to start gouging social security because the Boomers are starting to die off and they aren't as scared of our voting block anymore.
 
Well I now have my 1st full-month payment. It isn't what I'd been led to believe it would be, though by last year I knew pretty closely what I'd have after withholding.

My situation isn't bad, but I hate to think what the amount would be if I'd taken it at 66+, or worse 62. People with a leaner earning history must really feel screwed, though at least they probably aren't paying taxes on any of it.

Now I can just sit back and wait to get slammed with IRMAA surcharges on my Medicare next year.
 
Last edited:
You must log in or register to reply here.
Back
Top