Something I've always wondered

[Gumby]

More what? They're both in the red!

To quote one of my favorite movies "I do not think that word means what you think it does."

 

[johnhkc]

So you’re planning to forego Soc Sec and Medicare after paying into them for your entire career?

BTW, do you have home and auto insurance?

You pay into it but is it worth the hassle signing up for it? Year after year. Which drug plan? Network limits, doctor choice limits, etc. Planning around it all. To me, I think it would be easier to use interest on savings to pay a huge deductible thus lowering the premium of a giant-deductible private insurance plan.

And especially SS. It has a negative rate of return. It's a tiny check - 2/3 of Missouri minimum wage. Why bother? And if I do cash it, since it's a ponzi, I'm taking money from people who probably can't afford it. The next generation gets nailed with ever higher taxes to pay me a benefit that I don't need. I just don't like the whole idea. It seems sleazy.

Yes, I have home insurance and car insurance. The car insurance is high deductible catastrophic. Home insurance is also high deductible. (I'd love to exclude some stuff but hoooo no - we can't do that.)

Anyway, it's just interesting to me that people think the only way you can use money is to spend it. I like to use it to lower long-term costs.

 

[Ronstar]

I consider my contributions to SS and Medicare as deposits into a personal savings account. I paid in for 40 years. Now I want my money back from SS and the Medicare benefits that I've paid for.

 

[razztazz]

I know a couple of people who have rejected Medicare. Haven't heard of anyone rejecting Social Security.

Example 1 - has made & continues to make so much $ he hasn't felt the need for health insurance for many years prior to Medicare eligibility & hasn't signed up for it upon reaching eligibility. Currently fighting cancer & spending an unimaginable amount.

Example 2 - wife is a retired Texas teacher & he prefers to be on her plan - refuses to even consider Medicare.

Ex 1: Possibly wishing or will be wishing he'd signed up for it. ie, no matter what he thinks, he needs/will need Medicare.

Ex 2: I know several people like that. They haven't rejected Medicare as a concept. They still require a program or risk going broke and they're not stupid. They just didn't want that program. IOW they still need Medicare or something like it.

 

[gamboolman]

I have been paying into Social Security every year since age 16 and I am soon to turn 61 and still working.
I want what is owed to me as I paid into it in good faith.

For ms gamboolgal and I, Social Security is a important part of our retirement financial basis and it would be a significant impact to not have it.

 

[johnhkc]

Forget how much cash you have saved. In today's medical system you need an insurance plan just to knock the astronomical charges down to a negotiated rate else you'll be paying $100 per aspirin tablet dispensed from the hospital pharmacy.
The number of people who can afford to self-pay cash without any insurance is so small that statistically its unlikely any of them are on this board to read your opinion.

Network price is cash price. The astronomical charges exist to pay for the EMTALA non-payers and the other govt plans that don't pay the full price. You can buy into a pre-packaged network if negotiated prices are all you want.
I asked the question to see if anyone else is thinking the way I am - not so far!

 

[Onward]

people who've saved all their lives and rack up millions

And "millions" ain't what it used to be.

 

[harllee]

I have a nice pile of cash but I still signed up for Medicare--of course I did. One major health problem can bankrupt even the richest person posting on this Forum. And Medicare is the only health insurance available for most people over 65. As for SS--I could live without it but the $3000 per month I will get at age 70 will be a nice addition to my income.

 

[Car-Guy]

And "millions" ain't what it used to be.

And it's worth much less now than it was just a few short months ago and it's going to get much worse. I may even live long enough to see the poverty level rise to the million USD level, and I ain't that young!.

 

[Aerides]

You pay into it but is it worth the hassle signing up for it? Year after year. Which drug plan? Network limits, doctor choice limits, etc. Planning around it all. To me, I think it would be easier to use interest on savings to pay a huge deductible thus lowering the premium of a giant-deductible private insurance plan.

"I'd rather just write a huge check than spend maybe one hour per year picking a plan that works pretty darn well" - said no one.

 

[OldShooter]

... Seriously - why not just ditch that crap and use your savings? It's soooo much easier.

Is that what you're doing?

 

[RetiredAt55.5]

And "millions" ain't what it used to be.

+1

Especially, if we're only talking a couple of million.

 

[6miths]

"I'd rather just write a huge check than spend maybe one hour per year picking a plan that works pretty darn well" - said no one.

lol I love this. I think this is my feeling in Canada. I am happy to pay what seem like very reasonable taxes to never have to worry about my family or I ever having to worry about access to quality healthcare regardless of what happens with our jobs or income or savings or health. As a bonus, I don't have to even spend that hour!

 

[Golden sunsets]

It always surprises me that people who've saved all their lives and rack up millions to live on should give a damn about Social Security and Medicare and all the hoops, bureaucracy and general BS that you have to jump through to use/claim them? "Will it be covered?" Cash covers everything. "Is it in my network?" Cash is in everyone's network.

You know that this stuff is bankrupting the country. Seriously - why not just ditch that crap and use your savings? It's soooo much easier.

So John H from Kansas City, what hoops and bureaucracy are you referring to? I claimed SS at 70 and Medicare A&B at 65. I don't recall having to do anything other than hitting the submit button on line and my benefits began to flow. What could be easier than that?

It seems to me that your real reason for posting is to make a political statement and stir the pot. No?

 

[CardsFan]

I smell Bacon.

 

[jimbee]

More what? They're both in the red!

Nope.

 

[KrisQuit]

It always surprises me that people who've saved all their lives and rack up millions to live on should give a damn about Social Security and Medicare and all the hoops, bureaucracy and general BS that you have to jump through to use/claim them? "Will it be covered?" Cash covers everything. "Is it in my network?" Cash is in everyone's network.

You know that this stuff is bankrupting the country. Seriously - why not just ditch that crap and use your savings? It's soooo much easier.

Curious. I suspect there are few on this forum who would build wealth by avoiding income sources or needed insurance simply because they may be slightly inconvenient to secure. Millions don’t stay millions if you piddle it away on laziness.

 

[JDARNELL]

Millions don’t stay millions if you piddle it away on laziness.

 

[Midpack]

Seriously - why not just ditch that crap and use your savings? It's soooo much easier.

Is that what you're doing?

He/she won’t answer. Troll.

 

[beowulf]

He/she won’t answer. Troll.

Totally agree. Just looking to provoke an argument over a non-issue.

 

[Offgrid Organic Farmer]

It always surprises me that people who've saved all their lives and rack up millions to live on should give a damn about Social Security and Medicare

That same person, who has budgeted and saved all these years, has also been paying 7.5% of his/her income into SS/medicare [15% if self-employed].

That SS policy is just as much of their savings, as a 401k would be.

Every year of struggling to get to retirement is reflected by how much they expect to be paid from SS.

I have been retired on pension for 19 years, I am not old enough yet to be eligible for SS. But I plan to take those payments when I am old enough.

 

[RobbieB]

Yeah Baby!

I started on my deceased wife's account at 60. Looking forward to doubling the dough on mine at FRA.

I'm on Medicare too and loving it. I'm takin' what they're givin' 'cause I worked for a livin'

 

[rk911]

It always surprises me that people who've saved all their lives and rack up millions to live on should give a damn about Social Security and Medicare and all the hoops, bureaucracy and general BS that you have to jump through to use/claim them? "Will it be covered?" Cash covers everything. "Is it in my network?" Cash is in everyone's network.

You know that this stuff is bankrupting the country. Seriously - why not just ditch that crap and use your savings? It's soooo much easier.

when possible always play with someone else's money. besides, applying fir SS was no big deal..maybe 15-min out of my life. same with medicare, blue cross and my pension plan. not worried if "it's" covered, it is one way or another. no claim forms, it's all automatic. choices.

 

[razztazz]

That same person, who has budgeted and saved all these years, has also been paying 7.5% of his/her income into SS/medicare [15% if self-employed].

That SS policy is just as much of their savings, as a 401k would be.

Every year of struggling to get to retirement is reflected by how much they expect to be paid from SS.

I have been retired on pension for 19 years, I am not old enough yet to be eligible for SS. But I plan to take those payments when I am old enough.

But again you're talking about relative pikers gorging on opulent beer and pretzels. The OP is talking about people who actually "have it."

 

[rk911]

But again you're talking about relative pikers gorging on opulent beer and pretzels. The OP is talking about people who actually "have it."

define "it".