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Estimated Benefits set in stone or what?
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Social Security
Estimated Benefits set in stone or what?
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Just a quick question regarding estimated benefits. I just turned 62 recently and eligible to receive social security benefits. My current social security statement has estimated amounts listed. My qu
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Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:17f83b76-a805-4002-b497-6dbb421b0b8aDiscussion:2e21b4ea-3532-4d7b-8592-4e621e6e73b1
Forums » Work & Retirement » Social Security » Estimated Benefits set in stone or what?
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Re: Estimated Benefits set in stone or what?
posted at December 13, 2011 12:28 PM EST
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Posts: 22
First: October 5, 2011 Last: January 15, 2012 |
IIn Response to Re: Estimated Benefits set in stone or what?: In Response to Re: Estimated Benefits set in stone or what? : This post has a lot of inaccurate information about SSDI, MC A&B, and the costs. Please read other articles written by professionals who deal with the system and have read the actual SS documents. All of this is online, so you just have to search for it and take the trouble to read it. I would note that SSDI pays the recipient substantially more than they would receive from SS retirement at the same age, and you cannot receive ANY retirement before age 62. Also, if you are healthy and your family health history indicates you will live longer than average, you will want to wait until 66-70 if you can afford to wait, say, by working longer, reducing expenses, etc. Illness and disability is a bad thing, but SSDI is a blessing, certainly not a curse....holy cow :-) Posted by DMH66 I surely did not mean to imply that SSD is a curse, it is a BLESSING!!! The curse I was referring to is NOT being able to work and living on about 1/3 of the money I earned when I was able to work. I have reread my post over 6 times and do not understand what inaccuracies you are referring to. Looking at a form that says what you will receive if you retire at age 62 or 65, is not the full picture! I was trying to explain that when you see the amount you will get if you decide to retire at age 62 or 65, minus the amount you will pay for Medicare (99.10 for 2012), Medicare Part D for your Drug Supplement Coverage (mandatory). I also gave a part of my story living on SSD, living on about 1/3 of what I would have got if still working, and the life insurance, home isurance and car insurance that comes out of my SSD check. Also the copays you pay for your medication on Medicare Part D this year in 2011 is running almost $200.00 a month. After all that is paid, then you have to figure paying for electricitry, cable, phone, and truck payment. That leaves little left to buy groceries. And also paying yearly personal taxes. This was just a scenerio of what I have to look at every month, so when I just received my BENEFIT AMOUNT FROM SOCIAL SECURITY LETTER I see what I would make each month, less $99.10 for Medicare and $47.20 for Medicare prescription plan (of Medicare Part D). If I was inaccurate I apologize, I was just trying to put out there that what you see as your retirement amount you will receive, you have to figure at least $150.00 for Medicare and Medicare Part D or the Medicare prescription plan. And retirement you can pick up a Medical supplement that most Senior that retire out usually get, if they can affored it, and it varies in cost, not sure but probably at least $100.00 a month depending on the plan you pick. (For those on SSD a supplement plan is VERY EXPENSIVE!! I had to drop mine when it raised up to $450.00 a month, on top of everything that I had to pay before I even got from my check. So no, I appreciate SSD, wish I was able to work, loved it, and that is my (curse-not being able to work). Just trying to paint the full picture of what it is like to live on a fixed income and when you see what the amount is to take early retirement, or just retiement, you need to understand that you will not get that amount, they take out your Medicare, which is about a $100 a month and you have 6 months to find and enroll into a Medicare Part D plan, your prescription plan, depends on what type of plan, just prescription or one of the Advantage plans, but can run from about $45,00 towards $100.00 a month. So just some FYI!!! 
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Forums » Work & Retirement » Social Security » Estimated Benefits set in stone or what?
