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Not quite. Average Social Security 2.5 % increase: $50 whereas Medicare Part B 2024: $174 to Medicare Part B 2025: $185.; $9 difference. $50-$9 =$41 net increase.
@@kathleenphillips7145 then I pay 196.58 a month for supplemental G with Priority Health which went up from 171.24 (+ another 25$=34.50/ net gain $5.50). So for some of us your 41$ net gain is $5.50. FYI
@@kathleenphillips7145thank you for taking away the false sensationalism of the initial claim. It’s false claims like that and the unchallenged belief in them that got Trump elected.
@@kathleenphillips7145WRONG! My "D" coverage went up from $15/Mon to $55/mon and my "G" coverage went up $20/mon. that takes away the entire increase!
Good video. I will be 62 on March 18, 2025. I have worked as an educator for 43 years. I am happy to have submitted my application in December 2024. Also, she said I will get the 2.5% COLA added in. Thank you for your wisdom on this.
Yeah, but he talks so fast that I can't understand what he's saying at certain points. One of those points potentially applies to me, but since I couldn't make out what he said after replaying it half a dozen times, I am no more informed than when I started.
I started work at the age of 18 and retied at the age of 61 an listen to my body and feel the wear and tear walking up so many stairs and miles just ti deliever amil, wit hthat saind, I'm glad that I retired 10 moths ago and all of this effect is going in my SSI next year.
I stopped the video at 5:59 to say this: I sure hope the calculation to determine the PIA is with a software program at the Social Security Office we visit. Plug in the numbers into the computer and Voila!!! Otherwise I would hate sitting through, and depending on the staff to self calculate my PIA with paper and pencil...LOL. Just tell me the amount and I'll be on my way.
Incredible information. Thank you for breaking this down in a way it is understandable for those of us with near zero knowledge! You are a master professor! Thank you for dedicating your professional life to helping others who are so dependent on SS and Medicare especially since we are paying into the system regardless of whether we ever collect.
I’m so glad we have a bunch of billionaires that are going to be taking very good care of we the people while the swamp grows all the while compromising the people and lining their pockets.
#6 All local social security offices ~Jan 6th 2025 ... Will only accept appointments to get face to face assistance! We know calling the local office no one answers. Calling the 800# is ~2 hr wait, but can accept a call back from them.
OOOOOOkay ! ! !! Someone please tell me I'm understanding this incorrectly BUT they take 6.20% in SSI out of your check that has already been taxed, then your taxed AGAIN when you receive SSI.... Am I understanding this correctly?..
Fantastic video again!. You sparked my curiosity. I took SS at FRA at age 66 (yob in 1949) and continued to work till this month at 75. So I was still paying into SS during the 9+ yrs of working. Does my SS benefit go up? Do I need to do anything? Thanks.
I know co workers who did that. It will go up slightly each year due to recalculating based on new income. You do not have to do anything. It is automatic.
@@katec4096 I believe Katec4096 is taking about the COLA increase which usually happens every year, but not guaranteed. Had @tmanch1 waited until age 70 to start SS the amount would have increased I believe approximately 24%. You would have seen this amount on the SS statement you can review online. If you invested the SS payments you may have done better than waiting until age 70. This is my understanding from watching a lot of @MedicareSchool's videos. Each persons situation is different.
@@katec4096it is automatic most times but SSI could miss it so you should check for it with a call to SSI they missed my work increase for two years until I called so it doesn't hurt to check
@Twink1956 SSI will always go up if you are still working because each year if you make more money in that year than in one of your high 35 it Wil replace that one and increase your average monthly income thereby giving you an increase in your SSI
Here's a fact you should cover: your COLA increase subtracts a percentage of SNAP EBT food assistance. So, for example: DSHS reduced my food assistance by $12 which subtracted half of my COLA down to $15-because of the COLA "increase"!. I'm barely surviving and must choose to discontinue another expense!
They increase the Medicare part B deductible just a little more than the cola increase every year so you haven't gained anything. they just made a Segway to get a little more from you, to cut your check a little bit more.
So happy I stumbled into this channel- Great informative videos! . Would love to see some specifically for retired teachers that payed into TRS for the majority of their working life. I am wondering if getting a part-time job that pays into SS would be beneficial.
those taxable amounts look to be the same year after year. will they ever raise the income amounts for 50 percent and 85 percent? It just doesn't make sense to raise for cost of living, raise for IRMAA but never raise the income amounts for taxes. Is there a logical reason why they haven't changed it since 1983 or whenever it has been?
Increases in med sup premiums also make a dent in the COLA increase, but I don’t begrudge that supplement plan. Closing Part A and Part B coverage gaps is worth it.
When you talk about lifetime earnings, does that include the earnings where I didn’t pay into social security. I was in the private sector for 20+ years and then worked in government, where I didn’t pay into SS, for 24 years.
I am a 100 % P%T disabled veteran. And I am also a federal employee who has a PPO. And my wife has Champ VA , along with blue cross. why would I want to take Medicare, part A, and B. if I have this benefits ? I am 63 now and I am not sure if I have to take these benefits If I have to pay for them If I am already set!
Here is a video about VA options and Medicare you should check out, if you have any questions just give us a call at 800-864-8890. th-cam.com/video/JJYauUj8MWU/w-d-xo.html
My part d drug company has approved Wegovy because of my heart condition. It is a non-formulary drug so what does this really mean. Will they pay part of cost? Will the $2000 annual cap apply to it?
Question about SS I'm unclear about... I'm 62 and not collecting yet. When I log onto the SS Admins website and look at the dollar amount it says I will get if I apply for SS benefits right now, is that the final calculation they'll make in determining how much I'll collect at the time i apply, or will my SS benefit amount be recalculated at the time I apply? Thanks!
Remember you are penalized for taking social security, starting at 62. That implies the number you are seeing now will increase until you actually retire. The penalty stops at your retirement age, then an interest payment of sorts kicks in until you are 70.
@@Reed-2big I understand that part. I'm just wondering if the amount they're showing me on their web site as of today, will be recalculated to a different amount if actually applied for benefits today? They're telling me $XXXX is what I'm eligible to collect today. If I actually apply today, will they do some recalculation of my benefits during the application process, or is that $XXXX amount showing on their site what I would start collecting?
Man. I turn 65 in Feb 2025 and am so disillusioned as I get more educated whats ahead…. Whats the point of paying in all these years only to get penalized and taxed yet again…
We citizens that are on Social Security are already way below Middle Class income period and the Government still keeps us in Poverty is ridiculous period these are the most stupidest laws against the poor citizens period
If I am on disability and turn 62 in June should I go on Social Security? Would I get the same as disability ? Would this affect me if I want to take my spouse’s social security?
Humna? You mean Humana? Yes. Mine did too. COLA 2.5%, Health Ins 14.3% creating a loss. The increase in HI in dollars was greater than the increase in benefit dollars. And in my case, the HI is Govt coverage. Total idiocy!
I have a question on taxing our regular SS income when it's the only source of income (single). If my SS income is higher than 25,000 before they take the Medicare monthly premium out, are they using the amount before the premiums are taken out or after? I'm surprised they don't raise the lower limit for taxing because of inflation. Otherwise what on God's green earth does the cola do if it just raises the income so they can tax the benefit as they raise the premiums, other than to make things worse? Because my supplemental insurance is going up as well, i'm on plan F and I'm not gonna give that up, because even tho I am fairly healthy (I'm over 70) but you never know what might happen (cancer, heart problems etc.)
What this fella didn't tell you in his presentation is when they calculate your SS they do not adjust the value of those dollars you earned years ago for the inflation we have today. The total inflation rate from 1976 (Average) to Nov. 2024 is 454.47%. The average inflation rate is 3.61% per year. What I purchased for $1 in 1976 now cost me $5.54. They are ripping us off big time. This bill passed like greased lightning because the government gave government workers an increase on top of their lucrative government pensions. The rest of us get a 2.5% COLA increase that will be immediately taken back by Medicare. In effect Medicare gets a cost of living increase and we get the pleasure of dealing with the inflation created by the governments increased cost to service themselves. "Let them eat cake".
when is the money withheld due to working if taking social security before FRA returned.? lets say it's 10,000 dollars-- is it a lump sum, spread over a year, 5 years, 50 years??????????
say I am 65 years old, and I am 20 years older then my spouse, and I die before my spouse is 60 can she start getting a widows benefit at my death .Or does she have to wait until she is old?
That scenario has a few "ifs". Yes they would receive a benefit (what amount, that will be determined by SS). A surviving spouse of any age may be eligible if they are caring for the deceased's child who is under 16 or disabled. They can not remarry before the age 60, if they do the benefit goes away.
A possible future video. When a wife does not make the 40 qtrs, but has some income. Marries. Husband has retired with his benefits. While still married and both over 65, can she get any SSA and Spousal? Any more? And how is that calculated? Then, when he passes, what can she get or continue to get? Maybe give an example.
I appreciate the "heart". I posed that because I wonder how many couples are in that situation. The wife puts in very little/or nothing to the SSA, and when she needs the income, how little it really is. $800/mo? When an individual barely makes it on $1,500. How many couples are there that the wife don't work at all because she's home taking care of the kids. What is for her when husband passes. All the people screaming about "Don't pay SSA to anyone that don't pay in".
When they index your earnings to adjust for inflation why just the top 35 years? I have 48 years of paying into SSI. Also what is the index formula? The cumulative rate of inflation since 1976 is 454.47%. They already shaved off 13 years of earnings and I would bet a worthless $ their index calculus shaves off even more.
When you become disabled you have no choice. We all know the cost of everything is so much more. I’m living with my son and paying him rent. I can’t afford getting my own place because of cost.
Your PIA Primary Insurance Amount will remain the same But you will need to calculate any over the earnings limit penalty you may or may not have.For 2025 you can have earned income of $23,400.00.
✅ Watch the internet's #1 Online Medicare Educational Workshop for FREE: medicareschool.com/master-medicare/?
✅ To get 1 on 1 Help from our Team, Schedule a Call Here: medicareschool.com/talk-to-a-guide/?
Inflation isn't lower. The cola is a insult
Social Security giveth the cola and higher Medicare premium taketh it away LOL
Not quite. Average Social Security 2.5 % increase: $50 whereas Medicare Part B 2024: $174 to Medicare Part B 2025: $185.; $9 difference. $50-$9 =$41 net increase.
@@kathleenphillips7145 Exactly, know the number nuances and weed out the bias.
@@kathleenphillips7145 then I pay 196.58 a month for supplemental G with Priority Health which went up from 171.24 (+ another 25$=34.50/ net gain $5.50). So for some of us your 41$ net gain is $5.50. FYI
@@kathleenphillips7145thank you for taking away the false sensationalism of the initial claim. It’s false claims like that and the unchallenged belief in them that got Trump elected.
@@kathleenphillips7145WRONG! My "D" coverage went up from $15/Mon to $55/mon and my "G" coverage went up $20/mon. that takes away the entire increase!
Good video. I will be 62 on March 18, 2025. I have worked as an educator for 43 years. I am happy to have submitted my application in December 2024. Also, she said I will get the 2.5% COLA added in. Thank you for your wisdom on this.
The Maestro of Medicare and Social Security is at it again with another outstanding video. Thanks, Marvin!
Yeah, but he talks so fast that I can't understand what he's saying at certain points.
One of those points potentially applies to me, but since I couldn't make out what he said after replaying it half a dozen times, I am no more informed than when I started.
You can slow down the speed of the video. In the corner where the gear logo is, there's option for play back speed. Hope this help.
Please do a video on the WEP/GPO repeal. Thank you.
Yes please!
I started work at the age of 18 and retied at the age of 61 an listen to my body and feel the wear and tear walking up so many stairs and miles just ti deliever amil, wit hthat saind, I'm glad that I retired 10 moths ago and all of this effect is going in my SSI next year.
Get ready to work another 10 years
Why are you getting SSI?
I stopped the video at 5:59 to say this: I sure hope the calculation to determine the PIA is with a software program at the Social Security Office we visit. Plug in the numbers into the computer and Voila!!! Otherwise I would hate sitting through, and depending on the staff to self calculate my PIA with paper and pencil...LOL. Just tell me the amount and I'll be on my way.
It was a Basic language program, as I recall, back in the 80s.
Incredible information. Thank you for breaking this down in a way it is understandable for those of us with near zero knowledge! You are a master professor! Thank you for dedicating your professional life to helping others who are so dependent on SS and Medicare especially since we are paying into the system regardless of whether we ever collect.
Glad it was helpful!
Wow! Such a ton of valuable information! You are the most high when it comes to healthcare and social security.😮
Our pleasure!
How is taxing Social Security income not considered double taxation?? They are taxing your taxed income, no?
I believe you’ll find that fica, Medicare, 401k are all pretax. But I can’t find a website I really know well.
I’m so glad we have a bunch of billionaires that are going to be taking very good care of we the people while the swamp grows all the while compromising the people and lining their pockets.
The cola amount is absurdly crazy
Congress, please raise the cap to $400,000 from $176,100 to extend solvency of Social Security and Medicare.
Pay your fair share Richy Richs.
Everyone is paying a fair share. Sounds like you are advocating welfare.
Why not just delete the cap?
😂😂😂😂😂
Envy is a cruel master.
There should be no cap every one should be paying the same rate only way ss will not have any cuts
#6
All local social security offices ~Jan 6th 2025 ... Will only accept appointments to get face to face assistance! We know calling the local office no one answers. Calling the 800# is ~2 hr wait, but can accept a call back from them.
OOOOOOkay ! ! !! Someone please tell me I'm understanding this incorrectly BUT they take 6.20% in SSI out of your check that has already been taxed, then your taxed AGAIN when you receive SSI.... Am I understanding this correctly?..
Depends on what state you live in
We need more a month. We've been ripped off long enough.
Fantastic video again!. You sparked my curiosity. I took SS at FRA at age 66 (yob in 1949) and continued to work till this month at 75. So I was still paying into SS during the 9+ yrs of working. Does my SS benefit go up? Do I need to do anything? Thanks.
I know co workers who did that. It will go up slightly each year due to recalculating based on new income. You do not have to do anything. It is automatic.
@@katec4096 I believe Katec4096 is taking about the COLA increase which usually happens every year, but not guaranteed. Had @tmanch1 waited until age 70 to start SS the amount would have increased I believe approximately 24%. You would have seen this amount on the SS statement you can review online. If you invested the SS payments you may have done better than waiting until age 70. This is my understanding from watching a lot of @MedicareSchool's videos. Each persons situation is different.
@@katec4096it is automatic most times but SSI could miss it so you should check for it with a call to SSI they missed my work increase for two years until I called so it doesn't hurt to check
It does not increase after age 70
@Twink1956 SSI will always go up if you are still working because each year if you make more money in that year than in one of your high 35 it Wil replace that one and increase your average monthly income thereby giving you an increase in your SSI
Here's a fact you should cover:
your COLA increase subtracts a percentage of SNAP EBT food assistance. So, for example: DSHS reduced my food assistance by $12 which subtracted half of my COLA down to $15-because of the COLA "increase"!. I'm barely surviving and must choose to discontinue another expense!
They increase the Medicare part B deductible just a little more than the cola increase every year so you haven't gained anything. they just made a Segway to get a little more from you, to cut your check a little bit more.
Why wouldn't we get 90% of what we payed in?
Because terrorists are in control of the government.
Because 😂😂😂 I
That is what needs to change that cap above the max
I had to take my ss at 52 due to my disability of multiple sclerosis
Thanks for letting everyone know sweetie.
SS should be tax free
Nickels and dimes from the government.
What frigging stingy governors... but they give themselves there own raises. How ludicrise..
@@RoyHill-ok1gcCan you speak English?
Pennies from heaven, sweetie 😂😂😂
So happy I stumbled into this channel- Great informative videos! . Would love to see some specifically for retired teachers that payed into TRS for the majority of their working life. I am wondering if getting a part-time job that pays into SS would be beneficial.
Welcome aboard!
those taxable amounts look to be the same year after year. will they ever raise the income amounts for 50 percent and 85 percent? It just doesn't make sense to raise for cost of living, raise for IRMAA but never raise the income amounts for taxes. Is there a logical reason why they haven't changed it since 1983 or whenever it has been?
so when you calculate your PIA, the income you made up until 60 is indexed up to current or to the year you turned 60?
It is indexed up to the year your turn 60.
Ita sad we did not get the $200 biden offered 4 yr ago !!!!!!!!!!!!!
Thanks for your research.
My pleasure
congress gets 3.8% up to $180.000. How do they become so wealthy on a salary? Insider trading?
Increases in med sup premiums also make a dent in the COLA increase, but I don’t begrudge that supplement plan. Closing Part A and Part B coverage gaps is worth it.
The raise is not worth it" wont even cover a half a tank of gas. But lets send billions to Ukraine.
Why is the lowest income has to pay taxes and the highest get no tax
The don't. Lowest income earners pay no taxes. They will get it all back with the tax refund.
Born feb. 6, 1959. With the new law when do i reach full retirement.
If you were born in 1959, your full retirement age for Social Security is 66 years and 10 months.
2029
When you talk about lifetime earnings, does that include the earnings where I didn’t pay into social security. I was in the private sector for 20+ years and then worked in government, where I didn’t pay into SS, for 24 years.
No they wouldn't count
I am a 100 % P%T disabled veteran. And I am also a federal employee who has a PPO. And my wife has Champ VA , along with blue cross. why would I want to take Medicare, part A, and B. if I have this benefits ? I am 63 now and I am not sure if I have to take these benefits If I have to pay for them If I am already set!
Here is a video about VA options and Medicare you should check out, if you have any questions just give us a call at 800-864-8890. th-cam.com/video/JJYauUj8MWU/w-d-xo.html
The dollar amounts for the earnings test. Is that gross or net income?
That is gross income
@@MedicareSchool, thank you. That does make a difference!
My part d drug company has approved Wegovy because of my heart condition. It is a non-formulary drug so what does this really mean. Will they pay part of cost? Will the $2000 annual cap apply to it?
Yes, if they did a formulary exception it is be covered and they will pay a portion of it, it will also go toward your $2000 out of pocket!
I just received the statement from SSS and nothing changes. Still the same
Why when you get social security, your pension dropped into half and replaced by Social Secuurity. Who keep the half of the Pension?
On the earnings test, is the amount "withheld" a penalty/fine or do you get that "back" after hitting fra? Or is it lost forever?
It is eventually paid back but not in one lump some, but over a period of time.
Question about SS I'm unclear about... I'm 62 and not collecting yet. When I log onto the SS Admins website and look at the dollar amount it says I will get if I apply for SS benefits right now, is that the final calculation they'll make in determining how much I'll collect at the time i apply, or will my SS benefit amount be recalculated at the time I apply? Thanks!
Remember you are penalized for taking social security, starting at 62. That implies the number you are seeing now will increase until you actually retire. The penalty stops at your retirement age, then an interest payment of sorts kicks in until you are 70.
@@Reed-2big I understand that part. I'm just wondering if the amount they're showing me on their web site as of today, will be recalculated to a different amount if actually applied for benefits today?
They're telling me $XXXX is what I'm eligible to collect today. If I actually apply today, will they do some recalculation of my benefits during the application process, or is that $XXXX amount showing on their site what I would start collecting?
Likely will be readjusted once you apply. You will want to verify with SS.
Man. I turn 65 in Feb 2025 and am so disillusioned as I get more educated whats ahead…. Whats the point of paying in all these years only to get penalized and taxed yet again…
We citizens that are on Social Security are already way below Middle Class income period and the Government still keeps us in Poverty is ridiculous period these are the most stupidest laws against the poor citizens period
Why do we have an earnings limit if we take social security early at 62 I already have been penalized for taking it early
I took my SS benefits early at age 62. When I reach full retirement age (DOB September 1958) in 2025 will the income limit then be unlimited?
Yes, after FRA you are not limited to what income you can make.
If I am on disability and turn 62 in June should I go on Social Security? Would I get the same as disability ? Would this affect me if I want to take my spouse’s social security?
You will want to meet with SS to they can assess your benefits.
my Humna went way up and took away all and more of my COLA....unreal!
Humna? You mean Humana? Yes. Mine did too. COLA 2.5%, Health Ins 14.3% creating a loss. The increase in HI in dollars was greater than the increase in benefit dollars. And in my case, the HI is Govt coverage. Total idiocy!
And Humana raised the cost of medications way up. Forcing people to change Medicare Advantage plans.
@@morganfbilbo4659😂😂😂
Of course!
I have a question on taxing our regular SS income when it's the only source of income (single). If my SS income is higher than 25,000 before they take the Medicare monthly premium out, are they using the amount before the premiums are taken out or after? I'm surprised they don't raise the lower limit for taxing because of inflation. Otherwise what on God's green earth does the cola do if it just raises the income so they can tax the benefit as they raise the premiums, other than to make things worse? Because my supplemental insurance is going up as well, i'm on plan F and I'm not gonna give that up, because even tho I am fairly healthy (I'm over 70) but you never know what might happen (cancer, heart problems etc.)
I just got my new COLA notice in the mail. Im getting a wopping $8 more a month. Really
What this fella didn't tell you in his presentation is when they calculate your SS they do not adjust the value of those dollars you earned years ago for the inflation we have today. The total inflation rate from 1976 (Average) to Nov. 2024 is 454.47%. The average inflation rate is 3.61% per year. What I purchased for $1 in 1976 now cost me $5.54. They are ripping us off big time. This bill passed like greased lightning because the government gave government workers an increase on top of their lucrative government pensions. The rest of us get a 2.5% COLA increase that will be immediately taken back by Medicare. In effect Medicare gets a cost of living increase and we get the pleasure of dealing with the inflation created by the governments increased cost to service themselves. "Let them eat cake".
when is the money withheld due to working if taking social security before FRA returned.? lets say it's 10,000 dollars-- is it a lump sum, spread over a year, 5 years, 50 years??????????
say I am 65 years old, and I am 20 years older then my spouse, and I die before my spouse is 60 can she start getting a widows benefit at my death .Or does she have to wait until she is old?
That scenario has a few "ifs". Yes they would receive a benefit (what amount, that will be determined by SS). A surviving spouse of any age may be eligible if they are caring for the deceased's child who is under 16 or disabled. They can not remarry before the age 60, if they do the benefit goes away.
A possible future video. When a wife does not make the 40 qtrs, but has some income. Marries. Husband has retired with his benefits. While still married and both over 65, can she get any SSA and Spousal? Any more? And how is that calculated? Then, when he passes, what can she get or continue to get? Maybe give an example.
I appreciate the "heart". I posed that because I wonder how many couples are in that situation. The wife puts in very little/or nothing to the SSA, and when she needs the income, how little it really is. $800/mo? When an individual barely makes it on $1,500. How many couples are there that the wife don't work at all because she's home taking care of the kids. What is for her when husband passes. All the people screaming about "Don't pay SSA to anyone that don't pay in".
She should get a spouse payment, amount depending on his Social Security check.
When they index your earnings to adjust for inflation why just the top 35 years? I have 48 years of paying into SSI. Also what is the index formula? The cumulative rate of inflation since 1976 is 454.47%. They already shaved off 13 years of earnings and I would bet a worthless $ their index calculus shaves off even more.
I didn't get cola 2023 8.3%
When you become disabled you have no choice. We all know the cost of everything is so much more. I’m living with my son and paying him rent. I can’t afford getting my own place because of cost.
If you have minor children and collect my own social security and $ for the minor children - is the children s money taxable?
Not for dependents no
2.5% enough to buy combo meal, the rest stay hungry and die soon, what a joke , wake up American people !!!
leave it to government to make a 1000 number formula
😊
🤕 headache from confusion.
Problem, wewlthy don't show "income". Put in LLCs, Retirement accounts and Trusts, hidden from IRS, SS and Medicare and not taxed.
Taxed when money is withdrawn
I was going to be a lifer in the military.....until I woke up to the fact who really runs the country.....the 1%, and you know who they are.
😂😂😂😂😂😂😂
what happens when you take it early then get a higher paying job.
Don't take while still working before full age.
I don’t know!
Your PIA Primary Insurance Amount will remain the same But you will need to calculate any over the earnings limit penalty you may or may not have.For 2025 you can have earned income of $23,400.00.
When is it going to be tax free as promised by the incoming presidentt
What a joke.