Life's Too Short To Just Work It Away - Page 5 - Chevelle Tech
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post #61 of 79 (permalink) Old Jan 21st, 20, 8:42 PM
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Jim
 
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Re: Life's Too Short To Just Work It Away

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Originally Posted by jackie schmidt View Post
I drew on my wife’s SS until I turned 70 and started drawing mine.

Since she has Teachers Retirement, she could not draw on the title she had built up before her teaching career.

I got $109 a month.

Be warned if you continue to work after retirement age if you want Medicare. Depending on your income, plan B and C have a substantial modifier that increases your cost.

As an example, if I chose to enroll in plan B or C, I would have to pay an additional $325 a month.

I just stay in plan A and rely on my regular Health Insurance through my business.
Yes, it is very important to understand Medicare rules.

Medicare is not "free". Part B of medicare is essentially a group plan, with the Social Security administration bearing a portion of the premium. The individual bears the rest of the premium. How much the individual has to pay depends on his income. It is a "means-tested" benefit. For 2020 the least you would have to pay is $144.60, the most is $491.60. Per month; each; deducted from your social security payout.

The main point is the requirement to enroll in Part B when you first become eligible UNLESS you are otherwise covered by insurance such as employer if still employed, wife's if she is and you're covered by that, COBRA under your previous employers plan for 18 months if you're laid off, etc.

If you become eligible for part B and don't sign-up and start paying, and don't have other cover, you will pay a penalty to sign up later. That's to avoid "free riders". Example: rich guy turns 65, has plenty of retirement income that does not include health care benefits. He's healthy and figures he'll "self-insure" for a few years until he's 70 or so. Then he signs up during the annual sign-up period. He's going to pay a lot bigger premium than the others who have been paying all along.
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post #62 of 79 (permalink) Old Jan 21st, 20, 8:48 PM
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Re: Life's Too Short To Just Work It Away

..........and my SS 1.6% "raise" covered the increased premium this year, so I net an extra 5 bucks.
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post #63 of 79 (permalink) Old Jan 21st, 20, 10:01 PM
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Re: Life's Too Short To Just Work It Away

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Originally Posted by suazo66 View Post
I work for the state of NM and am eligible to retire at 75% of my highest average pay at the end of October of 2020 for 25 years of service. I will be turning 50 at the end of this month. ...
I am planning on either staying another 2 years +/- to be eligible for 80% or start drawing on the 75% and find another job elsewhere and draw two checks.
....
no offense (and its a good deal if you can get it), but this sort of thing is why my state of IL is broke and I'm about ready to bolt out of here because of the high property taxes.

https://en.wikipedia.org/wiki/Illinois_pension_crisis
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post #64 of 79 (permalink) Old Jan 21st, 20, 10:12 PM
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Re: Life's Too Short To Just Work It Away

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Originally Posted by JJ'65 View Post
Yes, it is very important to understand Medicare rules.

Medicare is not "free". Part B of medicare is essentially a group plan, with the Social Security administration bearing a portion of the premium. The individual bears the rest of the premium. How much the individual has to pay depends on his income. It is a "means-tested" benefit. For 2020 the least you would have to pay is $144.60, the most is $491.60. Per month; each; deducted from your social security payout.

The main point is the requirement to enroll in Part B when you first become eligible UNLESS you are otherwise covered by insurance such as employer if still employed, wife's if she is and you're covered by that, COBRA under your previous employers plan for 18 months if you're laid off, etc.

If you become eligible for part B and don't sign-up and start paying, and don't have other cover, you will pay a penalty to sign up later. That's to avoid "free riders". Example: rich guy turns 65, has plenty of retirement income that does not include health care benefits. He's healthy and figures he'll "self-insure" for a few years until he's 70 or so. Then he signs up during the annual sign-up period. He's going to pay a lot bigger premium than the others who have been paying all along.
All I have is Medicare and I never have payed anything for it.
The doctors, hospitals, etc bill Medicare outlandish big bills and Medicare knocks about 90% off, then I have to pay 20% of that as my part.

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post #65 of 79 (permalink) Old Jan 22nd, 20, 12:54 AM
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Jim
 
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Re: Life's Too Short To Just Work It Away

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Originally Posted by Autoengineer_ View Post
no offense (and its a good deal if you can get it), but this sort of thing is why my state of IL is broke and I'm about ready to bolt out of here because of the high property taxes.

https://en.wikipedia.org/wiki/Illinois_pension_crisis
Quote:
Originally Posted by Dean View Post
All I have is Medicare and I never have payed anything for it.
The doctors, hospitals, etc bill Medicare outlandish big bills and Medicare knocks about 90% off, then I have to pay 20% of that as my part.
Take a look at your FORM SSA-1099 - SOCIAL SECURITY BENEFIT STATEMENT for 2019, which you should receive in the mail or can download if you have signed up for an online account with the SSA. In the left column there is a box labeled "Medicare Part B premiums deducted from your benefits"

That deduction is your current payment of "premium". Social Security's picking up of the other part of the total "premium", that you are entitled to receive, is some payback of all those thousands of dollars that were deducted from at least 40 quarters (10 years)-- and probably a lot more--worth of your paychecks.

Some people never get sick, but keel over dead from a heart attack at a young age. Good thing for the government and the rest of us and the continued solvency of Medicare. Bad deal for the individual.

I know an individual who has run up what is probably close to $500 grand of medical in last couple of years. That would be bad for Social Security/Medicare. They luck out though, cuz he's retired worker with forever benefits from local gov't; and also, he is still covered by his deceased wife's (RIP) benefit also, local gov't (schoolteacher). "They" (taxpayers of Fresno County and City) are on the hook as first payers before Medicare.

Moral: get yourself a sweet deal government job (wife too!). Get em' soon cuz sweet deals is driving those entities very deeply into an unfunded liability hole, and can't last forever...just my $0.02
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post #66 of 79 (permalink) Old Jan 22nd, 20, 11:11 AM
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Re: Life's Too Short To Just Work It Away

Cant you buy a dental/vision policy to drop the monthly on the other?

PIcked a gub type job unfortunately one that had no safety retirement lol. Getting hard to find, they are usually stable for the most part.

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post #67 of 79 (permalink) Old Jan 22nd, 20, 11:58 AM
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Re: Life's Too Short To Just Work It Away

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Originally Posted by cuisinartvette View Post
Cutoff for medi cal in CA is 1437 a mo I think
Dont know about Medicare, look into it

Ins keeps most working til they drop. Paying 1900 a mo now!
someones gotta pay for the illegals and drug addicts out there.

Covered Ca plans, better read the fine print good luck.
Do you get your insurance through CoveredCa now? If not, where do you get your insurance.

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post #68 of 79 (permalink) Old Jan 22nd, 20, 2:52 PM
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Re: Life's Too Short To Just Work It Away

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Originally Posted by BillK View Post
Hank,
I did not read all of the replies but just want to say that there is another side. I will be 70 this year and have absolutely no desire to "retire" I enjoy what I do and plan on doing it as long as I am able. I know plenty of others that feel exactly the same way.
Find something you enjoy doing and you'll never work a day in your life!

I used to be able to say that about my occupation but it's no longer the case. I work in aircraft maintenance and spent my first 15 years in the business at Delta. But when they closed the maintenance base at DFW, I opted for voluntary separation instead of transferring to Atlanta. Several years and several jobs later, I ended up at Southwest. But let me tell you, in a seniority driven business like the airlines, it was no fun starting over in 2011 at age 53. I can't hold day shift, not with any decent days off. Right now I can barely hold Sunday/Monday off on evening shift. I can't even get close to bidding on a lead mechanic or inspector slot because it's all awarded by seniority. Those jobs, when they're posted for bid, go to people who have been there since Carter or Reagan were in the White House and that's no exaggeration. So I'm stuck on the hangar floor on evening shift grinding corrosion on seat tracks and cargo floor beams with no opportunities for promotions or lateral moves. Not fun.
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post #69 of 79 (permalink) Old Jan 22nd, 20, 6:56 PM
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Re: Life's Too Short To Just Work It Away

No offense taken.
The state of NM has been changing the rules some.
Anyone hired on or after July 2012 has to work 30 years vs. 25 years to receive a 75% pension of their average salary.
The state also changed the rules on government sponsored health care. Come Jan 1st 2021, if the individual is not age 55 at the time of retirement, he/she can not get health care offered by the state at a reduced cause.
I was planning to work for the state longer but may have to leave at 25 to get the lower cost of health care.
Back in the day, the big draw to work for state government was the eligibility to retire at 25 years of service. no longer the case.
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post #70 of 79 (permalink) Old Jan 23rd, 20, 2:29 AM
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I retired in 2013 two years before target date of 2015 at 57 years old. My daughter was diagnosed with Lyme Disease and I explained it to my commander my intention to retire. He agreed with me and told me family first. It took us a couple of years to get her back on her feet. In the meantime my wife (a cancer survivor) had to have ankle surgery. She was on crutches for a year. Then it was my turn. I was walking my dog in the early morning. That morning I had plan on meeting a bunch of El Camino Club members for breakfast. Instead I ended up in the E R due to heart issues. I walked in and the nurse looked at me confused and asked me how I felt. She told me my pulse was beating along at 32bpm and I shouldn't sitting in the chair carrying on a normal conversation. We attributed it to the 3 to 5 miles a day I walked with my dog. Six hours later I had a pacemaker implanted.
So I guess my thought is if you can retire early do it. You never know what lies ahead. I Think of it as though they are paying me to stay home, drink coffee and read the newspaper. Spend as much time as you can with your family,friends and have a good relationship with the Lord. I thank the good Lord for blessing me the time to be with my family and friends.
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post #71 of 79 (permalink) Old Jan 23rd, 20, 8:21 AM
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Re: Life's Too Short To Just Work It Away

^^^^^^^^^
Hey Mark, Glad you and the family are all right. Yep, sometimes it comes in waves and we have no control over it. We should all get 20 years of retirement eh? We earned it. Keep talking to the Lord, as I do believe he is in charge. Keep walking too as it's good therapy.
Best
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post #72 of 79 (permalink) Old Jan 23rd, 20, 11:20 AM
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Re: Life's Too Short To Just Work It Away

Look at other developed countries. You should not go bankrupt if you get sick. We need to take better care of the people here. I'm 66 with no health issues for now. Gym and 10 mile bike rides.
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post #73 of 79 (permalink) Old Jan 23rd, 20, 11:26 AM
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Re: Life's Too Short To Just Work It Away

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Originally Posted by 67_LS1 View Post
Do you get your insurance through CoveredCa now? If not, where do you get your insurance.
No.....right now Cigna if I can cough up 2k a month. At some point Ill have to switch to medi cal

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post #74 of 79 (permalink) Old Jan 23rd, 20, 2:46 PM
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Re: Life's Too Short To Just Work It Away

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Originally Posted by Slick87gn View Post
Look at other developed countries. You should not go bankrupt if you get sick. We need to take better care of the people here. I'm 66 with no health issues for now. Gym and 10 mile bike rides.
I'd rather be working.

I'm 75, no health issues. Most recent excercise programs: a few resistance at a gym for core muscle groups, for about a year. That was 9 years ago. Gym moved from walking distance after a couple of years, to five miles away. Lost interest. It was beneficial. Better balance and bigger muscles.

Last aerobic was 1980. Started a running program, but my left knee wouldn't take. Gave that up.

Never was a real smoker except puff on a cigar once in a while. Drank a lot more than my share of Oly, Coors, Old Milwaukee, Singhai, Crown, Panama, San Miguel, O.B., Sapporo, etc etc. back in the day.

Biology instructor in college told us that to live to a ripe old age , you need to choose your parents wisely. I guess I just got lucky. I'd rather be lucky than good...
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post #75 of 79 (permalink) Old Jan 23rd, 20, 4:17 PM
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Re: Life's Too Short To Just Work It Away

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Originally Posted by FLASHED View Post
Those of you that retired early , what do you do for Insurance , I have to be covered until I turn 65 , Im 57 now . I plan to draw my Late Wife's Social Security at age 60 and put it away and draw my own at 70 . I plan to work as long as Im physically able , whatever age that is to have insurance .
I retired from my previous job at 51, I had 30 years there and that was enough. I planned to start a new career but 6 months after I retired I had a bad accident and eventually wound up on SS disability. I got on Medicare at 55 but I also still have my insurance from my previous job and am also still covered by my wife's insurance from her job. My wife is younger than me and will work a few more years but when she retires she will be covered by my old employers insurance. Disability pays as though you worked until your full retirement age so I have that plus my pension from my old job.

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