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Not quite. Average Social Security 2.5 % increase: $50 whereas Medicare Part B 2024: $174 to Medicare Part B 2025: $185.; $9 difference. $50-$9 =$41 net increase.
@@kathleenphillips7145 then I pay 196.58 a month for supplemental G with Priority Health which went up from 171.24 (+ another 25$=34.50/ net gain $5.50). So for some of us your 41$ net gain is $5.50. FYI
@@kathleenphillips7145thank you for taking away the false sensationalism of the initial claim. It’s false claims like that and the unchallenged belief in them that got Trump elected.
@@kathleenphillips7145WRONG! My "D" coverage went up from $15/Mon to $55/mon and my "G" coverage went up $20/mon. that takes away the entire increase!
Yeah, but he talks so fast that I can't understand what he's saying at certain points. One of those points potentially applies to me, but since I couldn't make out what he said after replaying it half a dozen times, I am no more informed than when I started.
I stopped the video at 5:59 to say this: I sure hope the calculation to determine the PIA is with a software program at the Social Security Office we visit. Plug in the numbers into the computer and Voila!!! Otherwise I would hate sitting through, and depending on the staff to self calculate my PIA with paper and pencil...LOL. Just tell me the amount and I'll be on my way.
Good video. I will be 62 on March 18, 2025. I have worked as an educator for 43 years. I am happy to have submitted my application in December 2024. Also, she said I will get the 2.5% COLA added in. Thank you for your wisdom on this.
I started work at the age of 18 and retied at the age of 61 an listen to my body and feel the wear and tear walking up so many stairs and miles just ti deliever amil, wit hthat saind, I'm glad that I retired 10 moths ago and all of this effect is going in my SSI next year.
Here's a fact you should cover: your COLA increase subtracts a percentage of SNAP EBT food assistance. So, for example: DSHS reduced my food assistance by $12 which subtracted half of my COLA down to $15-because of the COLA "increase"!. I'm barely surviving and must choose to discontinue another expense!
Incredible information. Thank you for breaking this down in a way it is understandable for those of us with near zero knowledge! You are a master professor! Thank you for dedicating your professional life to helping others who are so dependent on SS and Medicare especially since we are paying into the system regardless of whether we ever collect.
#6 All local social security offices ~Jan 6th 2025 ... Will only accept appointments to get face to face assistance! We know calling the local office no one answers. Calling the 800# is ~2 hr wait, but can accept a call back from them.
Fantastic video again!. You sparked my curiosity. I took SS at FRA at age 66 (yob in 1949) and continued to work till this month at 75. So I was still paying into SS during the 9+ yrs of working. Does my SS benefit go up? Do I need to do anything? Thanks.
I know co workers who did that. It will go up slightly each year due to recalculating based on new income. You do not have to do anything. It is automatic.
@@katec4096 I believe Katec4096 is taking about the COLA increase which usually happens every year, but not guaranteed. Had @tmanch1 waited until age 70 to start SS the amount would have increased I believe approximately 24%. You would have seen this amount on the SS statement you can review online. If you invested the SS payments you may have done better than waiting until age 70. This is my understanding from watching a lot of @MedicareSchool's videos. Each persons situation is different.
@@katec4096it is automatic most times but SSI could miss it so you should check for it with a call to SSI they missed my work increase for two years until I called so it doesn't hurt to check
@Twink1956 SSI will always go up if you are still working because each year if you make more money in that year than in one of your high 35 it Wil replace that one and increase your average monthly income thereby giving you an increase in your SSI
those taxable amounts look to be the same year after year. will they ever raise the income amounts for 50 percent and 85 percent? It just doesn't make sense to raise for cost of living, raise for IRMAA but never raise the income amounts for taxes. Is there a logical reason why they haven't changed it since 1983 or whenever it has been?
I didn't understand why income earned 35 years ago is just added together with recent income to find an average. There should be an adjustment for inflation figured in for income 35 years ago.
They avg out how much you paid into SS. It doesn't have to be 35 yrs to get top pay. Pay the max amount into SS for 20 yrs before retirement and you'll get 4k he talked about at 65 or 67
Increases in med sup premiums also make a dent in the COLA increase, but I don’t begrudge that supplement plan. Closing Part A and Part B coverage gaps is worth it.
Humna? You mean Humana? Yes. Mine did too. COLA 2.5%, Health Ins 14.3% creating a loss. The increase in HI in dollars was greater than the increase in benefit dollars. And in my case, the HI is Govt coverage. Total idiocy!
Question about SS I'm unclear about... I'm 62 and not collecting yet. When I log onto the SS Admins website and look at the dollar amount it says I will get if I apply for SS benefits right now, is that the final calculation they'll make in determining how much I'll collect at the time i apply, or will my SS benefit amount be recalculated at the time I apply? Thanks!
Remember you are penalized for taking social security, starting at 62. That implies the number you are seeing now will increase until you actually retire. The penalty stops at your retirement age, then an interest payment of sorts kicks in until you are 70.
@@Reed-2big I understand that part. I'm just wondering if the amount they're showing me on their web site as of today, will be recalculated to a different amount if actually applied for benefits today? They're telling me $XXXX is what I'm eligible to collect today. If I actually apply today, will they do some recalculation of my benefits during the application process, or is that $XXXX amount showing on their site what I would start collecting?
I have a question on taxing our regular SS income when it's the only source of income (single). If my SS income is higher than 25,000 before they take the Medicare monthly premium out, are they using the amount before the premiums are taken out or after? I'm surprised they don't raise the lower limit for taxing because of inflation. Otherwise what on God's green earth does the cola do if it just raises the income so they can tax the benefit as they raise the premiums, other than to make things worse? Because my supplemental insurance is going up as well, i'm on plan F and I'm not gonna give that up, because even tho I am fairly healthy (I'm over 70) but you never know what might happen (cancer, heart problems etc.)
If I am on disability and turn 62 in June should I go on Social Security? Would I get the same as disability ? Would this affect me if I want to take my spouse’s social security?
What this fella didn't tell you in his presentation is when they calculate your SS they do not adjust the value of those dollars you earned years ago for the inflation we have today. The total inflation rate from 1976 (Average) to Nov. 2024 is 454.47%. The average inflation rate is 3.61% per year. What I purchased for $1 in 1976 now cost me $5.54. They are ripping us off big time. This bill passed like greased lightning because the government gave government workers an increase on top of their lucrative government pensions. The rest of us get a 2.5% COLA increase that will be immediately taken back by Medicare. In effect Medicare gets a cost of living increase and we get the pleasure of dealing with the inflation created by the governments increased cost to service themselves. "Let them eat cake".
A possible future video. When a wife does not make the 40 qtrs, but has some income. Marries. Husband has retired with his benefits. While still married and both over 65, can she get any SSA and Spousal? Any more? And how is that calculated? Then, when he passes, what can she get or continue to get? Maybe give an example.
I appreciate the "heart". I posed that because I wonder how many couples are in that situation. The wife puts in very little/or nothing to the SSA, and when she needs the income, how little it really is. $800/mo? When an individual barely makes it on $1,500. How many couples are there that the wife don't work at all because she's home taking care of the kids. What is for her when husband passes. All the people screaming about "Don't pay SSA to anyone that don't pay in".
When they index your earnings to adjust for inflation why just the top 35 years? I have 48 years of paying into SSI. Also what is the index formula? The cumulative rate of inflation since 1976 is 454.47%. They already shaved off 13 years of earnings and I would bet a worthless $ their index calculus shaves off even more.
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Inflation isn't lower. The cola is a insult
Social Security giveth the cola and higher Medicare premium taketh it away LOL
Not quite. Average Social Security 2.5 % increase: $50 whereas Medicare Part B 2024: $174 to Medicare Part B 2025: $185.; $9 difference. $50-$9 =$41 net increase.
@@kathleenphillips7145 Exactly, know the number nuances and weed out the bias.
@@kathleenphillips7145 then I pay 196.58 a month for supplemental G with Priority Health which went up from 171.24 (+ another 25$=34.50/ net gain $5.50). So for some of us your 41$ net gain is $5.50. FYI
@@kathleenphillips7145thank you for taking away the false sensationalism of the initial claim. It’s false claims like that and the unchallenged belief in them that got Trump elected.
@@kathleenphillips7145WRONG! My "D" coverage went up from $15/Mon to $55/mon and my "G" coverage went up $20/mon. that takes away the entire increase!
The Maestro of Medicare and Social Security is at it again with another outstanding video. Thanks, Marvin!
Yeah, but he talks so fast that I can't understand what he's saying at certain points.
One of those points potentially applies to me, but since I couldn't make out what he said after replaying it half a dozen times, I am no more informed than when I started.
You can slow down the speed of the video. In the corner where the gear logo is, there's option for play back speed. Hope this help.
Please do a video on the WEP/GPO repeal. Thank you.
I stopped the video at 5:59 to say this: I sure hope the calculation to determine the PIA is with a software program at the Social Security Office we visit. Plug in the numbers into the computer and Voila!!! Otherwise I would hate sitting through, and depending on the staff to self calculate my PIA with paper and pencil...LOL. Just tell me the amount and I'll be on my way.
It was a Basic language program, as I recall, back in the 80s.
Good video. I will be 62 on March 18, 2025. I have worked as an educator for 43 years. I am happy to have submitted my application in December 2024. Also, she said I will get the 2.5% COLA added in. Thank you for your wisdom on this.
How is taxing Social Security income not considered double taxation?? They are taxing your taxed income, no?
I believe you’ll find that fica, Medicare, 401k are all pretax. But I can’t find a website I really know well.
The cola amount is absurdly crazy
I started work at the age of 18 and retied at the age of 61 an listen to my body and feel the wear and tear walking up so many stairs and miles just ti deliever amil, wit hthat saind, I'm glad that I retired 10 moths ago and all of this effect is going in my SSI next year.
Get ready to work another 10 years
Why are you getting SSI?
Wow! Such a ton of valuable information! You are the most high when it comes to healthcare and social security.😮
Our pleasure!
Here's a fact you should cover:
your COLA increase subtracts a percentage of SNAP EBT food assistance. So, for example: DSHS reduced my food assistance by $12 which subtracted half of my COLA down to $15-because of the COLA "increase"!. I'm barely surviving and must choose to discontinue another expense!
Incredible information. Thank you for breaking this down in a way it is understandable for those of us with near zero knowledge! You are a master professor! Thank you for dedicating your professional life to helping others who are so dependent on SS and Medicare especially since we are paying into the system regardless of whether we ever collect.
Glad it was helpful!
#6
All local social security offices ~Jan 6th 2025 ... Will only accept appointments to get face to face assistance! We know calling the local office no one answers. Calling the 800# is ~2 hr wait, but can accept a call back from them.
I had to take my ss at 52 due to my disability of multiple sclerosis
The raise is not worth it" wont even cover a half a tank of gas. But lets send billions to Ukraine.
Why wouldn't we get 90% of what we payed in?
Because terrorists are in control of the government.
Born feb. 6, 1959. With the new law when do i reach full retirement.
If you were born in 1959, your full retirement age for Social Security is 66 years and 10 months.
Thanks for your research.
My pleasure
Congress, please raise the cap to $400,000 from $176,100 to extend solvency of Social Security and Medicare.
Pay your fair share Richy Richs.
Everyone is paying a fair share. Sounds like you are advocating welfare.
Why not just delete the cap?
Fantastic video again!. You sparked my curiosity. I took SS at FRA at age 66 (yob in 1949) and continued to work till this month at 75. So I was still paying into SS during the 9+ yrs of working. Does my SS benefit go up? Do I need to do anything? Thanks.
I know co workers who did that. It will go up slightly each year due to recalculating based on new income. You do not have to do anything. It is automatic.
@@katec4096 I believe Katec4096 is taking about the COLA increase which usually happens every year, but not guaranteed. Had @tmanch1 waited until age 70 to start SS the amount would have increased I believe approximately 24%. You would have seen this amount on the SS statement you can review online. If you invested the SS payments you may have done better than waiting until age 70. This is my understanding from watching a lot of @MedicareSchool's videos. Each persons situation is different.
@@katec4096it is automatic most times but SSI could miss it so you should check for it with a call to SSI they missed my work increase for two years until I called so it doesn't hurt to check
It does not increase after age 70
@Twink1956 SSI will always go up if you are still working because each year if you make more money in that year than in one of your high 35 it Wil replace that one and increase your average monthly income thereby giving you an increase in your SSI
That is what needs to change that cap above the max
Nickels and dimes from the government.
What frigging stingy governors... but they give themselves there own raises. How ludicrise..
those taxable amounts look to be the same year after year. will they ever raise the income amounts for 50 percent and 85 percent? It just doesn't make sense to raise for cost of living, raise for IRMAA but never raise the income amounts for taxes. Is there a logical reason why they haven't changed it since 1983 or whenever it has been?
I didn't understand why income earned 35 years ago is just added together with recent income to find an average. There should be an adjustment for inflation figured in for income 35 years ago.
They avg out how much you paid into SS.
It doesn't have to be 35 yrs to get top pay.
Pay the max amount into SS for 20 yrs before retirement and you'll get 4k he talked about at 65 or 67
It is inflation adjusted. You can google the index chart for those particular years.
In the video he said those older contributions are adjust to today’s dollars.
Increases in med sup premiums also make a dent in the COLA increase, but I don’t begrudge that supplement plan. Closing Part A and Part B coverage gaps is worth it.
my Humna went way up and took away all and more of my COLA....unreal!
Humna? You mean Humana? Yes. Mine did too. COLA 2.5%, Health Ins 14.3% creating a loss. The increase in HI in dollars was greater than the increase in benefit dollars. And in my case, the HI is Govt coverage. Total idiocy!
And Humana raised the cost of medications way up. Forcing people to change Medicare Advantage plans.
On the earnings test, is the amount "withheld" a penalty/fine or do you get that "back" after hitting fra? Or is it lost forever?
It is eventually paid back but not in one lump some, but over a period of time.
Question about SS I'm unclear about... I'm 62 and not collecting yet. When I log onto the SS Admins website and look at the dollar amount it says I will get if I apply for SS benefits right now, is that the final calculation they'll make in determining how much I'll collect at the time i apply, or will my SS benefit amount be recalculated at the time I apply? Thanks!
Remember you are penalized for taking social security, starting at 62. That implies the number you are seeing now will increase until you actually retire. The penalty stops at your retirement age, then an interest payment of sorts kicks in until you are 70.
@@Reed-2big I understand that part. I'm just wondering if the amount they're showing me on their web site as of today, will be recalculated to a different amount if actually applied for benefits today?
They're telling me $XXXX is what I'm eligible to collect today. If I actually apply today, will they do some recalculation of my benefits during the application process, or is that $XXXX amount showing on their site what I would start collecting?
Likely will be readjusted once you apply. You will want to verify with SS.
Why is the lowest income has to pay taxes and the highest get no tax
SS should be tax free
I didn't get cola 2023 8.3%
I have a question on taxing our regular SS income when it's the only source of income (single). If my SS income is higher than 25,000 before they take the Medicare monthly premium out, are they using the amount before the premiums are taken out or after? I'm surprised they don't raise the lower limit for taxing because of inflation. Otherwise what on God's green earth does the cola do if it just raises the income so they can tax the benefit as they raise the premiums, other than to make things worse? Because my supplemental insurance is going up as well, i'm on plan F and I'm not gonna give that up, because even tho I am fairly healthy (I'm over 70) but you never know what might happen (cancer, heart problems etc.)
If I am on disability and turn 62 in June should I go on Social Security? Would I get the same as disability ? Would this affect me if I want to take my spouse’s social security?
You will want to meet with SS to they can assess your benefits.
What this fella didn't tell you in his presentation is when they calculate your SS they do not adjust the value of those dollars you earned years ago for the inflation we have today. The total inflation rate from 1976 (Average) to Nov. 2024 is 454.47%. The average inflation rate is 3.61% per year. What I purchased for $1 in 1976 now cost me $5.54. They are ripping us off big time. This bill passed like greased lightning because the government gave government workers an increase on top of their lucrative government pensions. The rest of us get a 2.5% COLA increase that will be immediately taken back by Medicare. In effect Medicare gets a cost of living increase and we get the pleasure of dealing with the inflation created by the governments increased cost to service themselves. "Let them eat cake".
I took my SS benefits early at age 62. When I reach full retirement age (DOB September 1958) in 2025 will the income limit then be unlimited?
Yes, after FRA you are not limited to what income you can make.
A possible future video. When a wife does not make the 40 qtrs, but has some income. Marries. Husband has retired with his benefits. While still married and both over 65, can she get any SSA and Spousal? Any more? And how is that calculated? Then, when he passes, what can she get or continue to get? Maybe give an example.
I appreciate the "heart". I posed that because I wonder how many couples are in that situation. The wife puts in very little/or nothing to the SSA, and when she needs the income, how little it really is. $800/mo? When an individual barely makes it on $1,500. How many couples are there that the wife don't work at all because she's home taking care of the kids. What is for her when husband passes. All the people screaming about "Don't pay SSA to anyone that don't pay in".
🤕 headache from confusion.
When they index your earnings to adjust for inflation why just the top 35 years? I have 48 years of paying into SSI. Also what is the index formula? The cumulative rate of inflation since 1976 is 454.47%. They already shaved off 13 years of earnings and I would bet a worthless $ their index calculus shaves off even more.
2.5% enough to buy combo meal, the rest stay hungry and die soon, what a joke , wake up American people !!!
I was going to be a lifer in the military.....until I woke up to the fact who really runs the country.....the 1%, and you know who they are.
Problem, wewlthy don't show "income". Put in LLCs, Retirement accounts and Trusts, hidden from IRS, SS and Medicare and not taxed.
Taxed when money is withdrawn
what happens when you take it early then get a higher paying job.
Don't take while still working before full age.