Crystal Ball on Future SS Haircut

[Fermion]

I think the mullet will make a big comeback...especially with the rebooted MacGyver.

 

[Fedup]

My husband's SS is already taxed at 85%, but we still pay zero tax unless I do some Roth conversion. Because of that I won't hurry to take it until I'm 70. I'm going to try to covert my IRA to Roth before I have to take it. I think it won't matter much to me what amount it will be as long as there will be some amount.

 

[brucethebroker]

Whatever "they" are going to do will happen, someday.
But I don't understand how people can think "it" might happen suddenly, overnight, without warning.

The last time they messed seriously with SS was in 1983 when they increased the full retirement age from 65 to 67. That two-year change was phased in over a 22-year period, with an 11-year hiatus in the middle at which the retirement age remained at 66.

Whatever happens, there will be ample warning.

Exactly what I was thinking (you saved me the research from early 80's). I, like other commentators, remember doubting SS would be there for me (when I was in mid-30's). BUT, once I hit 50, figured I was safe for the reasons braumeister quoted.

Means testing SS would create a firestorm and a voter meltdown from those who "paid into" SS and expect benefits, unlike welfare and foodstamp recipients, etc. And, SS retirees actually VOTE. AARP membership would climb through the roof if means testing was actually on the table, IMHO.

 

[Koolau]

Can you explain this? How did your claiming age affect your medicare payment?

Good question: DW claimed at 62 which was 8 years before I claimed. At the time she reached 65, she started MC and paid a certain deduction FROM her SS monthly payment. I too started MC at 65 (roughly same time) but paid by check quarterly because I was NOT on SS yet. When MC premiums went up recently, I had to pay the new, higher premium but DW was grandfathered because "it wouldn't be 'fair' to take more from her SS check" (all quotes because that's probably not the official reasoning, but don't forget, anything that affects an SS check is political to da max!) So, when I claimed a month ago, MY MC premium was whatever it is now (which is significantly more than DW's starting MC deduction.) I ASSUME next year, if MC premiums rise, I TOO will be grandfathered at the rate I am NOW having deducted from my SS check - but who knows - it IS political, so all bets are off. So, as usual, YMMV.

We all discussed this a couple of months ago elsewhere here IIRC, but I don't seem to be able to do searches, so I'll let you look it up or someone else may reference it for us.

 

[MichaelB]

Thanks for an interesting discussion