Getting Social Security and working

[Fernando]

Depends on how you file your tax return.

Is Social Security Income Taxable? (2025 Update)

If your Social Security income is taxable depends on your income from other sources. Here are the 2025 IRS limits.

smartasset.com

Thanks for the info. Gave me insight.

"For married couples filing a joint return, you’ll pay taxes on up to 50% of your Social Security income if you have a combined income of $32,000 to $44,000. If you have a combined income of more than $44,000, you can expect to pay taxes on up to 85% of your Social Security payments."

How can you live on $32,000/year? Too low of threshold. Looks like I will take early SS, continue working, and pay the taxes.

 

[Mile High Trout]

I am not ready to retire. But I have heard several people on this forum say once they reached medicare age, their health insurance costs decreased like 75% for what they were paying in private health insurance. They were buying the add on supplements too once they reached medicare age.

Healthcare is a rip off in America.

I wish I could get medicare today.

Get 100% coverage for all family members via my wifes job at Kaiser.

Makes the dream possible otherwise I would not be here.

 

[Mile High Trout]

Depends on how you file your tax return.

Consistently filing several years late keeps the stress down.

 

[Fernando]

MSN

Suze Orman shared with Americans the best way to avoid the Social Security ‘tax torpedo’ – here’s how to dodge it and retire richer​

The tax torpedo hits when your combined income reaches a certain threshold, and triggers additional taxation on your Social Security benefits.

For single filers with combined income above $34,000, or married couples filing jointly above $44,000, up to 85% of Social Security benefits can be taxed. Even if your income is between $25,000 and $34,000 as an individual, or $32,000 and $44,000 as a couple, 50% of your benefits might still be taxed.

This scenario is more common than you may think, with 40% of Social Security beneficiaries pay taxes on their benefits. Plus, the rate at which you’re taxed can also be higher than you’d initially expect if your provisional income calculation bumps you into a higher Social Security tax bracket.

 

[Terrel L. Shields]

plus $33 for my supplement.

My supplemental is $366 a month.

 

[KHS445]

My supplemental is $366 a month.

When I first signed up for Medicare I stayed with the same Insurer (Priority) and signed up for their all everything supplemental policy. My premium was just over $500 per month. Last year when my wife became eligible for Medicare I decided to meet with a local insurance agent who specializes in Medicare and the available supplements.

He spent time with me showing how I could significantly reduce my monthly premium by signing up for a policy with higher deductibles/co-pays. My annual premium savings are greater than my potential obligations for the increased deductibles and co-pays. Fortunately I am healthy with no longterm issues or medications, so the only medical expenses I have are any co-pays I may have for my annual physical, dental checkups and eye exams. Another benefit of my policy is I have a debt card that is reloaded with $73 every quarter, which I can spend on medical related over the counter items. The local Walgreens has shelf markers identifying those items that are legible for the debt card program. The net cost of my supplement is around $100 per year and it is the same for my wife.

As goofy as it sounds this is also a supplement option offered by Priority. I highly recommend that anyone signing up for Medicare or considering their options during the open enrollment period take the time to meet with a licensed insurance agent that specializes in Medicare and Medicare supplements. All things considered, my wife and I will have a combined net savings in premium, deductible and co-pays of approximately $10,000 this year, which would have increased to $16,000 if she had signed up for the supplement policy I had.

 

[Zoe]

My supplemental is $366 a month.

That sounds about right according to what my mom pays on medicare. She is 83 and will be 84 in a few days.

She has the medicare advantage plan. I think some appraiser on this forum posted he was paying like $2,000 to $3,000 a month for private health insurance that had a high deductible. Then he reached medicare age.

He bought all the supplements he could on medicare and dropped his private health insurance plan.

I think mom has all the supplements you can get on medicare.

 

[Zoe]

When I first signed up for Medicare I stayed with the same Insurer (Priority) and signed up for their all everything supplemental policy. My premium was just over $500 per month. Last year when my wife became eligible for Medicare I decided to meet with a local insurance agent who specializes in Medicare and the available supplements.

He spent time with me showing how I could significantly reduce my monthly premium by signing up for a policy with higher deductibles/co-pays. My annual premium savings are greater than my potential obligations for the increased deductibles and co-pays. Fortunately I am healthy with no longterm issues or medications, so the only medical expenses I have are any co-pays I may have for my annual physical, dental checkups and eye exams. Another benefit of my policy is I have a debt card that is reloaded with $73 every quarter, which I can spend on medical related over the counter items. The local Walgreens has shelf markers identifying those items that are legible for the debt card program. The net cost of my supplement is around $100 per year and it is the same for my wife.

As goofy as it sounds this is also a supplement option offered by Priority. I highly recommend that anyone signing up for Medicare or considering their options during the open enrollment period take the time to meet with a licensed insurance agent that specializes in Medicare and Medicare supplements. All things considered, my wife and I will have a combined net savings in premium, deductible and co-pays of approximately $10,000 this year, which would have increased to $16,000 if she had signed up for the supplement policy I had.

Fernando could probably do a trust and limit his personal income as much as possible. Fernando needs a good CPA or somebody like you had help you. He could still have access to his money through the trust for certain things and it would not hurt him on medicare fees. It would save Fernando on income taxes.

 

[Zoe]

Many foreign investors that have family members move to America where the family money set up trusts and do most of their personal business through the family trust. It saves them on income taxes. Many of them are invested in rental properties in America.

It shelters their money when they put it in a trust. They can still draw money out of the trust and limit their personal income.

Need a certified public accountant or tax lawyer to help you set up the trust.

The trust shelters money somewhat like an LLC or corporation. Perfect for fernando. Fernando could still be in control of his money on where it could go out of the trust when he set the trust up.

 

[Terrel L. Shields]

meet with a licensed insurance agent that specializes in Medicare and Medicare supplements.

considering my record this year - dermatology, orthopedics and rehab, cardiologist, urologist, MRI, my bills would have been horrendous if I wasn't on a plan that covers most everything.