Delay Social Security, Pay Higher Medicare?

[haha]

The president's 2015 budget calls for the 85k level to be frozen past 2019 until 25% of beneficiaries are paying the higher amount. If that gets approved a lot of us will be paying higher Medicare premiums down the road.

A lot of us are paying them right now, and some of us have been paying them at least some years for a while.

Ha

 

[calmloki]

Your annual premium is based on your income two years prior. It is checked each and every year so if your income is varying, your Part B and Part D premium will change as well.

That is a clear and unambiguous answer. Have you considered a career with the SS handy dandy phone answer bank? Thank you, and I hope you are correct.

 

[Shawn]

For a retired single person to have a MAGI of $160-170k in my mind that is a nice problem to have. Sign me up for that any day, I'll gladly pay the higher Medicare premiums and taxes.

An interesting perspective. However, I do not believe it is consistent with early retirement. Clearly, most people who retire early do not believe this is a nice problem to have. If they did, they would not retire early. They would keep working to increase their retirement income. Yes, there are exceptions. But in general, a high income doesn't come by magic. It is a result of years and years of incredibly difficult and stressful work. People so eager to sign up for the higher MAGI will keep working.

I bet the guy in the Cadillac commercial believes it is a nice problem to have.

 

[ivinsfan]

My DH just signed up for Medicare this year and I don't remember any income related questions...does this means that SS/Medicare sync up your tax return info every year to your SS/Medicare payments?

I'm just curious about this, because when you participate in the farm program as we do, you have to sign a consent waiver every year to let USDA access your personal tax returns.
From what I read here it's happening with SS/Medicare too but no consent from the individual is needed. I understand that they can access your SS info because it's the same department, but I wonder how they just access your tax return. Am I missing something?

 

[braumeister]

does this means that SS/Medicare sync up your tax return info every year to your SS/Medicare payments?

That's right.
Here's a pdf brochure that explains it:
Medicare Premiums: Rules For Higher-Income Beneficiaries

 

[ivinsfan]

That's right.
Here's a pdf brochure that explains it:
Medicare Premiums: Rules For Higher-Income Beneficiaries

Thanks for posting that link, since this is his first year under Medicare, I was a little concerned we might have overlooked something important. Still getting used to Medicare rules and regs!

 

[pb4uski]

An interesting perspective. However, I do not believe it is consistent with early retirement. Clearly, most people who retire early do not believe this is a nice problem to have. If they did, they would not retire early. They would keep working to increase their retirement income. Yes, there are exceptions. But in general, a high income doesn't come by magic. It is a result of years and years of incredibly difficult and stressful work. People so eager to sign up for the higher MAGI will keep working.

I bet the guy in the Cadillac commercial believes it is a nice problem to have.

Shawn, WTF are you talking about? Your post is poppycock. I'm early retired. Are you? WADR you don't know squat.

 

[sanfanciscotreat]

Shawn, WTF are you talking about? Your post is poppycock. I'm early retired. Are you? WADR you don't know squat.

WADR? What is that? No need to get offensive.

 

[iac1003]

I still work but my husband is retired and is on Medicare. He pays the extra charge for the Medicare premiums. Medicare does monitor your IRS tax returns and sends a statement delineating your premium. It's worth it - we've had to use it.

 

[Animorph]

WADR? What is that? No need to get offensive.

With all due respect.