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  • CptnRn

    Member
    Rating - 0%
    0   0   0
    Dec 26, 2011
    53
    11
    Wyoming
    My SS check went up $23. That is after a $7 Medicare Ins. increase and an $8.5 withholding tax increase. Not sure why the withholding increased so much.

    Withholding? What withholding? You must be special. Nothing is taken out of my SS except the insurance premiums.

    My reward for getting a retirement pension from my previous employer, is to be penalized by withholding tax on my SS income.
     

    leVieux

    TSRA/NRA Life Member
    Rating - 0%
    0   0   0
    After years of 0% or .2% cost of living raises, we retired folks are finally getting a whopping 2% increase starting January 1st.

    I just received a letter from the SSA showing my new benefit amount. We are getting a 2% raise, but here's the kicker. The cost of medicare increased by....wait for it...exactly the same amount as the increase. For both me and the wife. That is a net increase of exactly 0 over last year. There was no explanation of the medicare increase in the letter

    Why do they even bother. :banghead:


    SSA may have worked IF they had allowed a few years of pay-in before beginning disbursements. NO, that was too slow for greedy politicians, so it was operated as a "pass-through" system, like a "Ponzi scheme". Result now is that there are insufficient funds to do what has been promised. Medicare, enacted in 1966, and implementally, was an impossibility from conception & inception. Worse, the Obama / Geithner "QE" is still destroying our life savings. Yet, voters still think democrats will "save" their Social Security for them. The democrats are the arch-Enemy of American Citizens, and the "media" are their lapdog accomplices !
    leVieux
     
    Last edited:

    Bozz10mm

    TGT Addict
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    0   0   0
    Oct 5, 2013
    9,616
    96
    Georgetown
    Due to my pension from a previous employer my SS was cut in half and is 100% taxable.
    Interesting. I have a pension from a previous employer (Military retirement) and it does not affect my SS. 85% of my SS income is taxed. Are you not at full retirement age?
     

    AustinN4

    TGT Addict
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    9   0   0
    Nov 27, 2013
    9,853
    96
    Austin
    Interesting. I have a pension from a previous employer (Military retirement) and it does not affect my SS.
    It could/should if your total adjusted gross income is above a certain level. Or is your pension totally tax free? I have never had one so i don't know.

    What gets my SS taxed is my RMD from tax-deferred retirement accounts.
     
    Last edited:

    oohrah

    Well-Known
    Rating - 0%
    0   0   0
    Jul 24, 2013
    1,243
    96
    Heart O' Texas
    Income offset only applies if you are less than Full Retirement Age (FRA), or 66 today. After FRA, you can make as much as you want without affecting SS.
     

    Bozz10mm

    TGT Addict
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    0   0   0
    Oct 5, 2013
    9,616
    96
    Georgetown
    It could/should if your total adjusted gross income is above a certain level. Or is your pension totally tax free? I have never had one so i don't know.

    What gets my SS taxed is my RMD from tax-deferred retirement accounts.
    I applied for SS at age 62½ and continued to work for another year. My SS was reduced by $1 for every $2 I earned over a certain amount in wages. It was reduced by that amount not taxed by that amount. There is no reduction in SS benefits for additional income once you reach full retirement age.
     

    AustinN4

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    9   0   0
    Nov 27, 2013
    9,853
    96
    Austin
    I applied for SS at age 62½ and continued to work for another year. My SS was reduced by $1 for every $2 I earned over a certain amount in wages. It was reduced by that amount not taxed by that amount. There is no reduction in SS benefits for additional income once you reach full retirement age.
    But, your SS can be subjected to FedIncTax depending on your total adjusted gross income even if not still working.
     
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