Social Security basics

[REWahoo]

This is an excellent short article explaining the basics of Social Security and providing links to SS related websites:

Solved: 10 Social Security mysteries - MarketWatch

#1: Will Social Security be there for me?
#2: Is Social Security a good deal?
#3: How does Social Security compute my payment?
#4: How can I get the most lifetime payments—by filing early, at FRA, or later?
#5: What are good Social Security planning tools?
#6: Will Social Security pay my family members?
#7: Can family members receive Social Security after I die?
#8: Can I work and still get Social Security?
#9: How do I file for Social Security?
#10: When can I enroll in Medicare?

 

[Jake46]

Great article - thanks!

 

[GolfingDuo]

Great article - thanks!

Ditto!!!!

 

[HFWR]

#2: Is Social Security a good deal?

You mean we have a choice?

 

[REWahoo]

You mean we have a choice?

Sure. You aren't required to file for benefits.

 

[donheff]

Reading the article reminded me to put an item on my calendar reminding me to apply for Medicare later this year. That ICRS syndrome is going to cause me trouble one of these days.

 

[REWahoo]

Reading the article reminded me to put an item on my calendar reminding me to apply for Medicare later this year.

As you approach the date your mailbox will be filled with all sorts of info to help you remember.

 

[donheff]

As you approach the date your mailbox will be filled with all sorts of info to help you remember.

Aha. They know about our deficiencies, huhn?

 

[youbet]

They know they want to sell you a Part D and/or supplemental policy and they have your name, address and b'day.

 

[donheff]

They know they want to sell you a Part D and/or supplemental policy and they have your name, address and b'day.

I plan to keep my Federal policy and skip the part B, D, and supplements. But, I will thank them for the reminders.

 

[HighRoller]

Great article, thanks for sharing. I only wish that I could "hang my hat" on:

Mystery #1: Will Social Security be there for me? Social Security can pay 100% of all promised benefits until 2033. After 2033 it can pay about 75% of promised benefits. There are numerous options to extend solvency indefinitely with a mix of tax increases and/or benefit cuts. If you're a pessimist, subtract 25% from your SSA benefit estimate.

When it comes to the government, I'll admit, I'm a pessimist. Very much so!

 

[Live And Learn]

If you're a pessimist, subtract 25% from your SSA benefit estimate.

True to form, I subtract 35%.

 

[Tadpole]

I plan to keep my Federal policy and skip the part B, D, and supplements. But, I will thank them for the reminders.

This is my year too. I wondered, though, how you determined that you would be better off chosing to forgo Medicare B.

 

[donheff]

This is my year too. I wondered, though, how you determined that you would be better off chosing to forgo Medicare B.

I just talked to a lot of people and followed the discussion on the Fedsoup Medicare forum. As near as I can tell, you can do better buying the Part B if you have a boatload of copays over many years. DW and I have few and no reason to assume we will have a lot. The total costs to me with my current Fed policy and Medicare Part A if a worse case scenario develops is not a big deal. So I figure why bother. My thinking was confirmed by most people I talked to who gave it serious thought.