Posted by RandyB(MI) on March 26, 2016 at 16:46:57 from (75.133.131.65):
In Reply to: Medicare question posted by rrlund on March 26, 2016 at 12:20:24:
You will get part A automatically and no charge (you already paid for it. Part B will be at least $ 104 if you decide to take it. Sounds like you are already calculating the best way to go here. The country average for full retirement (age 66) right now is $ 1200. The max is $ 2500 and you would have had to make $ 110,000 or more since age 21 to get that.(in which case you shouldn't ever need it) I don't buy for a minute that your amount quoted to you raised $ 100 in one year. Someone screwed up there. If you are banking on that trend for the next 4 yrs and that is swaying your decision then you will be very disappointed. You never said what you would get at 62 but lets say it is $1100 (400 less than 1500 which are your figures) $ 1100 X 48 months = $ 52,800. Divide that by $ 400 ( the extra amount you will get at 66) and you get 132 months or 11 years at which time you will be 77 yrs old. That is your break even point for leaving $ 52,800 on the table. As for "scams" , CPI and annual increases, you must be dreaming. If your geneology suggests that you will be quite healthy at and from age 77 and you think at that age the extra $$ will actually make your time left more enjoyable then by all means take that route. Everyones health and history and projections are fact based and one must lean that way but there are a lot of unforseen circumstances in life and especially in the last 20 yrs of life. You are basing everything of the best case scenario and if you've been that fortunate in your life then more power to you...I might do the same. I chose the other route and will worry about whether I won or lost when I reach 77. (if I do) The last 10 funerals of friends I went to were all under 70 yrs old and 3 of then under 63. All healthy people and half probably were waiting to see 66 to draw. Just sayin'. Good luck , Randy, on which ever way you go. We all have to live with our convictions and our actions and we all see it differently. Happy Easter!
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