Re: O/T social security

Posted by Sam#3 on April 19, 2007 at 21:45:53 from (12.208.138.48):

In Reply to: O/T social security posted by 37 chief on April 19, 2007 at 10:30:47:

Am there doing that.
I won't offer any advice on the take your socialistic insincerity at sixty-two or later but do offer some clarification on a couple points.
Medicare starts at SIXTY-FIVE. SS doesn't alter that at all. All the instructions I had received said, "Get to the office and apply prior to your birthday or you will be locked out until a enrollment period rolls around plus you will be penalized." In my case it didn't happen that way. About a month before my birthday I received my card and all the instruction for declining part B, otherwise I was enrolled. I would advise to check with the office and not wait for something to happen.
Don't forget Income Tax. If you have income other than SS such as pensions or investments it may increase the amount of your SS benefit subject to The Tax. There's a worksheet with the 1040 you may want to browse (1040 line 20). The good news is you don't have to pay SS income tax on those earnings. AND, I just looked this up on the SSA web site; the taxable won't exceed eighty-five per cent of your benefit.
Something to think about:
Since the so-called SS trust fund provided by the SS act of 1934 never materialized and the whole thing is a 'pay as you go.' Do you think the plan will ever run out of funds as long as our sons and daughters keep on making babies to pay taxes? :<)

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