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Old 06-27-2016, 08:23 AM   #15
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Link says a .2% increase of COL for 2017 maybe.
If it is then anyone paying for Medicare at the $104.90 rate now that has been retired for a few years, will see it increase to $105.10
I wonder why my Medicare is $121?????
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Old 06-27-2016, 10:07 AM   #16
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You all make me feel good that I made the right decision at the ripe old age of 18, I joined the military. My wife and I are both Vietnam era Veterans, and we both have VA coverage. And I'm not trying to rub anybody the wrong way, I'm truly appreciative of that decision, nothing more.

I had no idea we were doing such a good thing back then. We won't have to deal with Medicare, Medicaid, etc.

I'm planning on retiring Jul 31, just over a month from now, and I'm scared to death. It'll be the first time in my life I don't have a job. I know a lot of you have retired and don't know how you ever had time to have a job, but I'm a newbie at this. I hope I'll learn, I'm only 60 now, and hope I'll have plenty of time to learn as well as a lot of you have.
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Old 06-27-2016, 10:20 AM   #17
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We retired early due to a company buy out (52&53) so SS will be a bonus for us. Sure glad we both started contributing to our 401s early on. It's hard to explain to kids just starting out that you HAVE TO start putting that money away. Bump up the contribution when you get a raise and you won't miss it.
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Old 06-27-2016, 10:50 AM   #18
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We retired early due to a company buy out (52&53) so SS will be a bonus for us. Sure glad we both started contributing to our 401s early on. It's hard to explain to kids just starting out that you HAVE TO start putting that money away. Bump up the contribution when you get a raise and you won't miss it.
Exactly! I started collecting SS three months ago, but I hardly notice it as I have investment income. To me, SS is just a bonus.

Put away money before you retire and you won't have to fret whether or not there will be a cost-of-living increase, etc.
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Old 06-27-2016, 11:05 AM   #19
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Exactly! I started collecting SS three months ago, but I hardly notice it as I have investment income. To me, SS is just a bonus.

Put away money before you retire and you won't have to fret whether or not there will be a cost-of-living increase, etc.
We just took some of our "saved" money to pay off a few bills, and it felt odd to take money out. We started saving right after we came in the military. I put half of all my promotions in savings, then transferred at one point or another to different accounts. We listened to our elders when we were kids, thank goodness for the way children were raised back then!!
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Old 06-27-2016, 11:30 AM   #20
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I wonder why my Medicare is $121?????
Because you just started it in the last year. Most other people enrolled for several years only pay $104.90 because there has been little or no cola on as in the last several years. Since you just started collecting SS, you are collecting more than someone at the same income level who started collecting 5 years ago.
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Old 06-27-2016, 04:50 PM   #21
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Exactly! I started collecting SS three months ago, but I hardly notice it as I have investment income. To me, SS is just a bonus.

Put away money before you retire and you won't have to fret whether or not there will be a cost-of-living increase, etc.
And I salute you Sir. You had a plan and stuck to it. Please try to understand not all of were fortunate enough to have life go the way we planned.
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Old 06-27-2016, 05:12 PM   #22
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What am I going to do with $3 more a month?

Now I am in a real quandary.........high finance was never my forte
Buy three items at Dollar General?
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Old 06-27-2016, 07:20 PM   #23
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Because you just started it in the last year. Most other people enrolled for several years only pay $104.90 because there has been little or no cola on as in the last several years. Since you just started collecting SS, you are collecting more than someone at the same income level who started collecting 5 years ago.
Actually I started collecting SS back in 2014, but with disability after two years on it you are automatically enrolled (Feb of this year), but my sister turned 65 last November (2015) is paying $104........
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Old 07-06-2016, 10:25 AM   #24
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Buy three items at Dollar General?
Sorry, but with sales tax, you will still lose!
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Old 07-06-2016, 10:34 AM   #25
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Sorry, but with sales tax, you will still lose!
chuckle...true. He'd only be able to get two items at Dollar General, and after paying sales tax on top of it, have to pocket the remainder.
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Old 07-06-2016, 11:59 AM   #26
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I'm trying to figure out how to spend all that extra money I will be getting!
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Old 07-06-2016, 12:19 PM   #27
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It appears that the 2017 FICA max will be up to $126,000 from the current $118,500. Usually increases in the cap will result in increases in the benefits so I don't think I would be looking for any cups of hemlock or arsenic soon.
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Old 07-06-2016, 03:51 PM   #28
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Link says a .2% increase of COL for 2017 maybe.
If it is then anyone paying for Medicare at the $104.90 rate now that has been retired for a few years, will see it increase to $105.10 :(
The COLA we will get increases by 2/10th of a percent. The Part B Medicare premium that we pay will increase: (from HR2004 link)

"The estimated average monthly premium for Medicare Part B in 2017 is $149, up from 2016's rate of $121.80 and 2015's rate of $104.90. About 70% of Part B enrollees will be able to avoid the portion of the premium increase that exceeds their Social Security benefit increase, according to the health-insurance report."
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