NOT FOR CHILDREN under 65: A Cautionary Tale for Urban Wild Life
Today, December 7th is the final deadline for OPEN ENROLLMENT for Medicare. I don’t generally feel old, or impoverished until the end of the year when the television commercials are preloaded and my IN BOX is flooded with reminders about what to do with my taxes, social security monthly income and the Medicare benefits I deserve and don’t have, and literally hundreds of worthy causes I should have given to last Giving Tuesday with the spare change from Black Friday.
All my disposable income went on a field trip to The Philadelphia ZOO with two of my five grandchildren.
I had a wonderful time and respite from financial worry and downward mobility. I found my new spirit guide. A lion named Tajiri who sat resting from a protected vantage point high above Tiger Terrace while most zoo day trippers were unaware of their sweet guardian angel.
Life is good. I have $146. 39 cents in my checking account on the 7th of the month. All the bills are paid that I know about with all the auto debits cleared.
This senior citizen is in good shape!
I am happy there is a 5.9% cost of living increase scheduled for next month.
Eighty years ago, there was no Medicare, on the anniversary of Pearl Harbor bombings of the naval fleet was unthinkable, the democracy as we know it may still be in great jeopardy.
It truly is the argument that half empty or half full, the glass is there, and while a long life is not promised, we continue to live longer and should plan for what may or may not happen. I retired 3 years ago, a bit prematurely, but my retirement income, plus social security is a safety net that allows me a cushion that those in earlier times could not expect.
There is a new feature on the social security website that allows you to see how your social security was calculated. What was your income for that year and what portion was matched in savings that you would receive as a monthly annuity that allows a view of your income and what portion goes toward your savings to be spent in your elder years.
Not everyone who worked was covered by Social Security. Certain types of work and occupations were omitted inadvertently or consciously by design. Some workers paid under the table or in cash never received the credits that would allow some easing the time when illness, injury or disability fractured lives and families unable to cope ore rebound with the loss of work or health care or medical insurance. Women often don’t show wages or lack representation as mothers, caregivers of friends and family members. When they are not present or getting their social security credits in; who’s minding the store and providing comfort, and care. Who is essential, that we still do not pay?
The earnings statement has three columns. They show the estimate of what they expect you will receive, or they show you what you are getting. It is a resume of sorts, if you listed all the time you spent from about 18 years old to 65, it shows what you’re worth on paper, what they have you down for as a portion of your savings. Those records are your taxable income, the taxes you paid each year.
I don’t make as much money as either of my parents did at this age, my dad was already dead by the age I am now. My mother and grandmother lived a good deal longer. If you’re not sure what will happen to you and you’re already 65, you may have to find a way to live on less or make more money or find someone who is very very kind. This is a good time to reflect on what you did all your life and the legacy you would like to leave behind.
This is not someone else’s money, this is where your tax dollars go. They have your name on it! Open Enrollment closes today. See you next year.
https://blog.ssa.gov/social-security-benefits-increase-in-2022/
https://www.senate.gov/artandhistory/history/minute/Medicare_Signed_Into_Law.htm
**see what my Social Security letter looks like I just got in the mail:…
Your Social Security Statement
Retirement Benefits
We are not giving you estimates because our records show that you are already receiving or have qualified for benefits.
If the benefits are based on your own record, you received a notice of your benefit amount when you first qualified. Each year, you get an updated notice showing the annual cost-of-living increase. If you continue working while qualified for benefits and those earnings increase your benefit amount, we will send you additional notices of the new amounts. And when you die, we will base benefit payments for your survivors on your benefit amount.
If you are getting benefits as the spouse or the widow or widower of someone else, we must look at both records to determine how much you are entitled to. Please call us at 1–800–772–1213 or contact your local Social Security office so that we can discuss this with you.
Medicare
Medicare is the federal health insurance program for:
people age 65 and older,
under 65 with certain disabilities, and
people of any age with End-Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant).
For more information about Medicare, visit medicare.gov or ssa.gov/medicare or call 1–800- MEDICAR
Earnings Record
Review your earnings history below to ensure it is accurate. This is important because we base your future benefits on our record of your earnings. There’s a limit to the amount of earnings you pay Social Security taxes on each year. Earnings above the limit do not appear on your earnings record. We have combined your earlier years of earnings, but you can view them online with my Social Security.
If you find an error, view your full earnings record online and call 1–800–772–1213.
Work Year
Earnings Taxed for Social Security
Earnings Taxed for Medicare (began 1966)
Earnings Not Covered by Social Security
You may also have earnings from work not covered by Social Security. This work might have been for federal, state, or local government or in a foreign country.
If you participate in a retirement plan or receive a pension based on work for which you did not pay Social Security tax, it could lower your benefits. To find out more, visit ssa.gov/gpo-wep .
Important Things to Know about Your Social Security Benefits
Social Security benefits are not intended to be your only source of retirement income. You may need other savings, investments, pensions, or retirement accounts to make sure you have enough money when you retire.
You need 40 credits of work (at least 10 years)
to qualify for retirement benefits. The amount of your benefit is based on your highest 35 years of earnings. If you have fewer than 35 years of earnings, years without work count as 0 and may reduce your benefit amount.
We use cost of living adjustments so your benefits will keep up with inflation.
If you get retirement or disability benefits, your spouse and children also may qualify for benefits.
If you are divorced and were married for 10 years, you may be able to claim benefits on your ex- spouse’s record. If your divorced spouse receives benefits on your record, that does not affect your
or your current spouse’s benefit amounts.
For more information about benefits for you and your family, visit ssa.gov/benefits/retirement/planner/applying7.html .
Taxes Paid
Total estimated Social Security and Medicare taxes paid over your working career based on your Earnings Record:
Social Security taxes
You paid: $128,497
Employer(s): $132,459
SSA.gov | Follow us on social media ssa.gov/socialmedia Form SSA-7005-SM-OL (05/21)
Medicare taxes
You paid: $30,986 Employer(s): $30,986
