My wife and I chose to wait until 70 to collect Social Security. We just signed up for Medicare supplemental plans. I understand, based on our annual AGI, that we willed be charged a monthly fee for Medicare by government. This fee is usually subtracted from your Social Security check. Does anyone know what happens between 65 and 70 in this case when there is no Social Security check to be reduced ? thanks in advance
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You guys are talking like you are old enough to be grandfathered in or don't know that they cancelled file and suspend past a certain age group. Depending on when you were born, you cannot take your own and then switch over to spousal later. That ship has sailed. You can only file once and whatever you get then is permanent. Widow/widower may be different.
@3dvu is correct, though I believe there has to be enough difference in SS credited income between the spouses for this to be advantageous. That is, the spouse's spousal benefit has to be large enough to make up for the loss you experience by not waiting and using the spouse's base on their own income. That being said, this is often the case, especially for us old folks. In my case, for example, my wife's spousal benefit will be much larger than her own SS benefit, so we plan on doing that (she's not 62 yet). When I turn 70, we then plan to switch her to using her spousal benefit.
One note about Medicare EasyPay, it works fine, but, at least when I did it, you can't sign up online. You have to do it the old fashion way by printing out a form, filling it in, etc., and mailing it to Medicare. Then you have to wait a couple of months at least for it to take effect.
Instead of both waiting till 70 to take at the same time, the spouse with lower income (thus with lower SS payment) may want to start the benefits earlier.
4 ways to pay your Medicare bill:
- Pay online through your secure Medicare account — You can pay by credit card, debit card, or from your checking or savings account. Learn more about paying your premiums online.
- Pay directly from your savings or checking account through your bank's online bill payment service — learn what information you need to have ready when you contact your bank to set up this service.
- Sign up for Medicare Easy Pay, a free service that automatically deducts your premium payments from your savings or checking account each month. We'll deduct your premium from your bank account, usually on the 20th of the month.
- Mail your payment to Medicare — You can pay by check, money order, credit card, or debit card. Fill out the payment coupon that comes with your bill. Payments sent without the coupon may be delayed.
@2iiq, I would suggest that you follow your own advice and scroll instead of feeding the trolls. But instead you like to get taken - hook, line and sinker, lol!
@1uul stop crying about people discussion topics other than layoffs! You do this on every thread you police. Why don’t you simply scroll? It takes less time and effort than your writing a clever snippy comeback.
Simply put you don’t know where SS will be 10 even 15 years from now. My wife and I took ours at 62. She’s on Medicare now. Through the Company VIA Benefit she gets $94.60 a month for our Supplemental Ins which is great. As far as answering your question accurately I would Contact Social Security or Medicare via email on their website or phone but you could be in for a wait. Her SS Medicare withdrawal is $115 a month as an FYI. Not so bad. Better that my $389 a month for my Company Retirement PPO.
I agree that delaying Soc. Security payments to age 70 is the best longevity insurance one can buy. Sure you might lose money if you die young and would probably do better if you took the money out and invested it yourself (true for any annuity), but the higher payments you get by waiting are the only longevity insurance you will ever be offered backed by guaranteed cost of living adjustments.
He will breakeven if both die when he is about 80. Any additional years he pulls ahead. If you don’t need the money now, it’s fine to gamble and decent longevity insurance.
OP, are you and your wife retired? If you’re not working and earning any more W2 income, don’t wait until 70 to collect Social Security. That’s a losing strategy. For each month you’re not getting a– benefit check, it’s money lost. Waiting for an incremental increase years later will not make up for the months you didn’t collect. You are taking a big gamble waiting. You don’t know exactly when you’ll die or if the government decides to ticker with the SS system itself.
@1uul
You're on the correct site but wrong thread. The people who act like children are on the other threads. This thread actually has constructive information.
Does anyone have a link for that site where they discuss layoffs and related topics? I though that this was it but evidently I was wrong.
@pzw is exactly right, I came on here to say that same thing.
The standard Part B fee this year is $148.50 and then added to that is IRMAA. As your AGI goes up above a certain level (married jointly $176K) so does the IRMAA fee for Part B&D. We just set up with Social Security/Medicare to auto bill us each month from our checking account. We are also in the 65-70 year old window and have not taken any social security yet.