👴👵 What Are YOUR RETIREMENT CONCERNS today?

Part B went up a little but all other insurances skyrocketed!

@SummerOnTheWay1 

The date comes from the Social Security Trustee Report - last one was dated 03/30/2023 - new one should be out soon.

SSA.gov Social Security Trustee Report SUMMARY 2023

from the link ~ 2023 REPORT

Based on our best estimates, this year's reports show that:

• The Hospital Insurance (HI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2031, three years later than reported last year. At that point, the fund's reserves will become depleted and continuing program income will be sufficient to pay 89 percent of total scheduled benefits.    This is Medicare Part A - where payroll taxes go

• The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, one year earlier than reported last year. At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 77 percent of scheduled benefits.  This is Social Security Retirement & Survivors Benefits

• The Disability Insurance (DI) Trust Fund is projected to be able to pay 100 percent of total scheduled benefits through at least 2097, the last year of this report's projection period. By comparison, last year's report projected that the DI Trust Fund would be able to pay scheduled benefits through at least 2096, the last year of that report's projection period.  This is Social Security Disability Insurance (SSDI)      NOT SSI - Supplemental Security Income

• If the OASI Trust Fund and the DI Trust Fund projections are added together, the resulting projected fund (designated OASDI) would be able to pay 100 percent of total scheduled benefits until 2034, one year earlier than reported last year. At that time, the projected fund's reserves will become depleted and continuing total fund income will be sufficient to pay 80 percent of scheduled benefits. (The two funds could not actually be combined unless there were a change in the law, but the combined projection of the two funds is frequently used to indicate the overall status of the Social Security program.)  This is Social Security Retirement, Survivors and Disability ALL added together.

• The Supplemental Medical Insurance (SMI) Trust Fund is adequately financed into the indefinite future because, unlike the other trust funds, its main financing sources--premiums on enrolled beneficiaries and federal contributions from the Treasury--are automatically adjusted each year to cover costs for the upcoming year. Although the financing is assured, the rapidly rising SMI costs have been steadily increasing demands on beneficiaries and general taxpayers.  This is Medicare Part B - comes from premiums paid into it by beneficiaries. - NO deficit cause we just pay more in premiums when needed (every year unless there is no COLA)

. . . . Lawmakers have many options for changes that would reduce or eliminate the long-term financing shortfalls. We urge Congress to consider such options for both Medicare and Social Security, with each year that lawmakers do not act, the public has less time to prepare for the changes.  This is the cautionary statement that has been on this report ever since Obama was President.

@k40013h 

If Eligible, you do get a $ 250,000 or $ 500,000 if married, tax sale exclusion on the sale of your personal residence.

IRS.gov - Topic no. 701, Sale of your home 

Of course, you use the modified basis in the house as your starting point in determining your gain.  

Yes, gains reported on your tax return are counted as income for IRMAA (Medicare taxes) computation because any capital gains you make over this exclusionary amount is income that you can use in retirement, just like any other income you get after retirement from wherever. When you add all these income sources together and they go over whatever the higher earner income limit for whatever year, you pay these IRMAA Part B added premiums because you are classified as a higher income earner receiving the Medicare benefit. 

I pay IRMAA Part B added premiums and if I ever sell my home I will also be in this same situation since the amount that I am paying will go up.  I am also a [long term] widow so I only get the $ 250,000 exclusion even though my husband and I shared this house together before his death many years ago.

It is what it is - being old does not exempt us from many tax requirements.  However, sometimes at the state level you can get a break with an additional property tax exemption for being old(er) or a state may be very generous in any retirement income exclusion.  

The income exclusion amount does not cover all of mine in my state but it does cover a fair portion of it.  

I am grateful for at least some offset - we still participate in life in this country so we still have a financial stake in it too.  

Have you ever thought about the fact that when people sell their home and receive thousands of dollars in equity from escalated market values, that it is adding to the affordability of home which so many are having to face nowadays.  I hope that there is never a limit of capital games put on such a sale but that would be an option to create a more affordable home marketplace for the many.  

Just something to think about -