I just received my first Social Security retirement benefit (payment)
- Thread starter Bazza
- Start date
I wouldn't mind seeing tax dollars taken away from freeloaders and relief given to those who contribute to our economy - and society in general.
The devil is in the details of course.
How do you distinguish between a freeloader and those who are hard working Americans?
While I was out working this morning.....the thought crossed my mind that it made me feel good to work.
It doesn't hurt of course, that I enjoy what I do for a living - and always have.
At the end of the day though....I'm working.....and earning a wage.
And that feels good.
Even though I have finally reached the point where work is optional from a financial POV....I will continue to work as long as I am able to. Because it feels good to be a producer.
It doesn't hurt of course, that I enjoy what I do for a living - and always have.
At the end of the day though....I'm working.....and earning a wage.
And that feels good.
Even though I have finally reached the point where work is optional from a financial POV....I will continue to work as long as I am able to. Because it feels good to be a producer.
Probably wouldn't help. Most people don't understand the dynamics of a national economy and use simplistic zero sum game statements based on a snapshot look at said economy to make some broader commentary. Economics is one of those fields that most people don't understand but think they do. It is what it is.
Maybe so.....I'll lay blame on both parties for letting things get to this point though.
This is why I'm proud to be registered as NPA....
The best definition of economics I ever heard was from an Economics PhD who described economics "like driving down the road in a car looking out the back window".
SS flyer in today's mail.
So far no damage done by the current economy.
My Medicare Plan B is going up ~$9 but I'm getting a 1.6% COL increase which nets a gain of $14 starting next month.
That's an extra $168/year.
Thanks to all who are paying into SS.....it's greatly appreciated!
So far no damage done by the current economy.
My Medicare Plan B is going up ~$9 but I'm getting a 1.6% COL increase which nets a gain of $14 starting next month.
That's an extra $168/year.
Thanks to all who are paying into SS.....it's greatly appreciated!
Social Security increase 2021: How to calculate your new payment
Social Security beneficiaries are slated to receive a 5.9% increase in 2022, the biggest boost in benefits in 39 years.
The cost-of-living adjustment will mean an increase of about $92 a month for most retired workers, bringing the average benefit to $1,657 per month.
The Social Security Administration will be sending out letters to beneficiaries detailing how much increase they will see but you can do a little math to find out how your payment will change.
There is something important to keep in mind, however. Medicare Part B premiums are increasing from $140.50 to $170.10.
The increase of $29.60 will be taken directly from Social Security checks so whatever increase is added to your existing benefits, you will have to deduct $29.60 to get the final amount.
Social Security beneficiaries are slated to receive a 5.9% increase in 2022, the biggest boost in benefits in 39 years.
The cost-of-living adjustment will mean an increase of about $92 a month for most retired workers, bringing the average benefit to $1,657 per month.
The Social Security Administration will be sending out letters to beneficiaries detailing how much increase they will see but you can do a little math to find out how your payment will change.
There is something important to keep in mind, however. Medicare Part B premiums are increasing from $140.50 to $170.10.
The increase of $29.60 will be taken directly from Social Security checks so whatever increase is added to your existing benefits, you will have to deduct $29.60 to get the final amount.
Congrats Bazza. I have been drawing over eight years and it sure comes in handy.
If you can wait until you are 70 then your amount goes up 8% every year...you have to live to about 77-78 to make the math work. Still, having that "check' appear every month in the bank account is wonderful...the greatest change in the USA in the last 50 years has been the decline in poverty among seniors -- due to this and other factors.
Medicare is another reason for that.
You will also continue to pay into the Social Security Trust Fund in the form of the Self Employment Tax, so long as you're working...
YES...mentally I was including that -- it is a big reason for the drop in poverty. My wife and myself pay about 600 total per month and we have no medical bills...and that has been with me having a major surgery and ongoing tests.
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