DDD
Well-Known Member
As I think you know husband and I are reasonably educated and intelligent..."reasonably", lol. Somehow we did not grasp social security retirement in a comprehensive way. Since I wish we had known more a decade or so ago, I'm sharing "ah hah" moments with those of you who are planning. Maybe you are on top of it but just in case I'm going to share a couple of things.
Like everyone we checked to see what our benefits would be upon retirement. That was a given. In our minds we perceived those projected checks as income. We did not grasp that Medicare premiums are deducted from that amount. We did not grasp that for health protection in our old age that it would be necessary to purchase supplemental insurance which would (with our authorization since it is private) be deducted monthly from our bank account. There has just been another rate increase on all fronts. We now will be spending close to $10,000 a year in 2012 to assure we have care and no unexpected bills for medical care.
There are cheaper plans that are all inclusive but the hospitals and health care facilities we use do not accept those cheaper options...plus many remove your choice of providers. I just want you guys to have a heads up as you are planning. Looking at the annual statement projections can lead to a false sense of security. Yep...we just got notice of the increases and are not happy campers. You might want to delay your retirement, increase your private savings plan etc. but at least you will be aware.
DDD
Like everyone we checked to see what our benefits would be upon retirement. That was a given. In our minds we perceived those projected checks as income. We did not grasp that Medicare premiums are deducted from that amount. We did not grasp that for health protection in our old age that it would be necessary to purchase supplemental insurance which would (with our authorization since it is private) be deducted monthly from our bank account. There has just been another rate increase on all fronts. We now will be spending close to $10,000 a year in 2012 to assure we have care and no unexpected bills for medical care.
There are cheaper plans that are all inclusive but the hospitals and health care facilities we use do not accept those cheaper options...plus many remove your choice of providers. I just want you guys to have a heads up as you are planning. Looking at the annual statement projections can lead to a false sense of security. Yep...we just got notice of the increases and are not happy campers. You might want to delay your retirement, increase your private savings plan etc. but at least you will be aware.
DDD