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Thread: Signed up for Social Security

  1. #21
    Senior Member dmc's Avatar
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    Well I’ve been approved. My first check will be deposited July 24. I’ll have to say that filing online was easy, took about 5 minutes.

    i assume when the time comes to sign up for Medicare it will be the same.

    I wonder if taking SS will effect the coming UBI that’s being promised ?

  2. #22
    Senior Member bae's Avatar
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    Quote Originally Posted by dmc View Post
    I wonder if taking SS will effect the coming UBI that’s being promised ?

    Looking at my budget for the future, UBI and free medical care would pretty much cover my needs.

    When do the checks start?

  3. #23
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    @LDAHL

    I totally agree with your observation that the Wisconsin Retirement System is fully funded. The "downside" to that is the shared risk aspect, a brilliant concept of Gary Gates, who is talked about in the linked article below. Unlike other states where there tends to be a defined benefit for pensioners which cannot be cut, come hell or high water, annuitants in the WRS may find their "dividends" cut by the fund if the stock market lays an egg, or if the longevity of participants is greater than actuaries have predicted.

    Furthermore the adjustments in the WRS benefits do not require the approval of any politician. The unfunded pension liabilities in other states (and many municipalities) got "that way", because politicians looked to civic employees for support at election time. Politicians could privately (or publicly) make promises to civic employees, on the basis of ludicrous assumptions about returns on pensions. Extremely generous pensions for police and first responders, and what-the-hell, school superintendents <wink>, could be provided in all the contracts for these employees. By the time the pension fund is insolvent, it will be other politicians who will be in office … . The temptation to kick the can down the road has been irresistible.

    Mind you, the Wisconsin Retirement System may yet have its downfall, if the Governor in concert with the Legislature succeeds (with the approval of the State Supreme Court some day) in treating the WRS as a cookie jar for state government finance. Employees and annuitants cannot be complacent. The one-and-only state retirement system that has been independent from politicians may yet be forced to make loans to the state of Wisconsin (cough up!). It is not only a matter of Wisconsinites being "lucky". They have been "wary" too.

    http://projects.jsonline.com/news/20...of-a-kind.html

  4. #24
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    I am old enough at 57 to have a pension from my first hospital where I worked for 20y in 7 different roles. In today's dollars it will cover 81% of our utiliity, insurance and prop tax expenses for our primary home and the cabin.

    Our projected SS and hubby's state pension account will cover the rest of our routine annual expenses. Our savings will pay nicely for travel and our $100k emergency account will cover another roof on each home, heat/cool system replacement X2 and kitchen appliances X2. (all based on current EOL projections).

    I'm so grateful we learned how to master plan our money in our early 30s. Because we learned simplicity, YMOYL principles and mindful spending early, we are currently sitting in a comfortable financial spot at age 57 and working by choice, not by force.

  5. #25
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    Quote Originally Posted by dado potato View Post
    @LDAHL

    I totally agree with your observation that the Wisconsin Retirement System is fully funded. The "downside" to that is the shared risk aspect, a brilliant concept of Gary Gates, who is talked about in the linked article below. Unlike other states where there tends to be a defined benefit for pensioners which cannot be cut, come hell or high water, annuitants in the WRS may find their "dividends" cut by the fund if the stock market lays an egg, or if the longevity of participants is greater than actuaries have predicted.

    Furthermore the adjustments in the WRS benefits do not require the approval of any politician. The unfunded pension liabilities in other states (and many municipalities) got "that way", because politicians looked to civic employees for support at election time. Politicians could privately (or publicly) make promises to civic employees, on the basis of ludicrous assumptions about returns on pensions. Extremely generous pensions for police and first responders, and what-the-hell, school superintendents <wink>, could be provided in all the contracts for these employees. By the time the pension fund is insolvent, it will be other politicians who will be in office Ö . The temptation to kick the can down the road has been irresistible.

    Mind you, the Wisconsin Retirement System may yet have its downfall, if the Governor in concert with the Legislature succeeds (with the approval of the State Supreme Court some day) in treating the WRS as a cookie jar for state government finance. Employees and annuitants cannot be complacent. The one-and-only state retirement system that has been independent from politicians may yet be forced to make loans to the state of Wisconsin (cough up!). It is not only a matter of Wisconsinites being "lucky". They have been "wary" too.

    http://projects.jsonline.com/news/20...of-a-kind.html
    I agree that itís always possible to wreck a good thing, but when I view the building pension catastrophe at our neighbor to the South, I canít help feeling fortunate.

    The risk-sharing aspect of the plan design means I need to set aside a certain amount to smooth over the bad periods (which are already somewhat mitigated by the planís five year smoothing formula), but I would have to do that anyway with an investment income portfolio. I believe that over time it will make a good complement to SS.

  6. #26
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    IL, I mentioned that applying for SS was easy and I expected Medicare to be the same. I can now eat my words). Luckily we can both stay on my state insurance for 4 more years until my husband is 65. The only thing I need to do is sign up for Medicare A and B and show proof to the state and they will reimburse us for the amount we are paying. I won’t have to wade through all that crap for another 5 years.

  7. #27
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    IL, I mentioned that applying for SS was easy and I expected Medicare to be the same. I can now eat my words). Luckily we can both stay on my state insurance for 4 more years until my husband is 65. The only thing I need to do is sign up for Medicare A and B and show proof to the state and they will reimburse us for the amount we are paying. I won’t have to wade through all that crap for another 5 years.
    We went to an insurance broker who pointed out a few things mentioned a few issues with moving back-and-forth between here and Hermann and we ended up going with the Cadillac option for me, not because I use docs and drugs and etc but because I just didn’t wanna fuss with stuff when it comes up. That is likely a pipe dream however.

    Next in a few weeks, I’ll sign up for Social Security. I thought it was going to go down to the office to do it but maybe I’ll just do it from home.

  8. #28
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    I signed up for SS a week ago and it was easy. Medicare is a whole other issue. Ugh!

  9. #29
    Senior Member catherine's Avatar
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    I haven't signed up for SS yet, but we did the Medicare thing. I didn't find signing up for basic Medicare that difficult, online at least. The hardest part is wading through the supplemental plans, but I relied on the experiences and opinions of a couple of friends and signed up for their plan-- Plan F Supplemental through AARP.

    And I have to say, for the money we're spending, compared to what we were spending as self-employed people, wow! DH had two hospitalizations over the winter (one ER, one stay that was 4 nights) and he spent January in and out of doctors' office (3 specialists and a PCP). I just got the Statement of Benefits from both Medicare and the supplemental and it looks like we'll be paying 0 OOP. And he's already met his deductible for prescriptions, too.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  10. #30
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    Due to WEP my SS is 300/month at age 66. My pension is only 20k. Not sure what huge pensions Dmc talking about.
    Do you think your Social Security pension wouldíve been much more?

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