Social Security has a 5.9% COLA coming up in 2022

[Redpossum]

That's right, we are supposedly getting a much larger than usual COLA next year.

The video is only 4 minutes

 

[Redpossum]

Confirmed!
Just received my first SS payment of the new year, and it's up by, well, the calculator actually makes it 6.5%
Whatever, I'll take it!

 

[Johnny]

Confirmed!
Just received my first SS payment of the new year, and it's up by, well, the calculator actually makes it 6.5%
Whatever, I'll take it!

Yep, mine too. Now if I decide to cancel Medicare part B there will be even more moola.

 

[Redpossum]

Yep, mine too. Now if I decide to cancel Medicare part B there will be even more moola.

Could you explain how this works, please? I know nothing about Medicare
***edit***
OK, did some quick research, and it looks like you get Part A automagically, for free, but you have to sign up for Part B and they take money out of your monthly benefits, with the base amount being about $150 per month. Yeah, no thanks. What good would it do me here in Argentina anyway?

 

[Johnny]

Could you explain how this works, please? I know nothing about Medicare
***edit***
OK, did some quick research, and it looks like you get Part A automagically, for free, but you have to sign up for Part B and they take money out of your monthly benefits, with the base amount being about $150 per month. Yeah, no thanks. What good would it do me here in Argentina anyway?

Will do you no good in Argentina. Only in the USA.

 

[Redpossum]

Will do you no good in Argentina. Only in the USA.

That's what I thought.

 

[Utopos]

The only downside to dropping the Medicare happens if you try to reinstate it, for instance if you move back to the U.S. There is a stiff penalty in the form of a greatly increased monthly cost. And it is permanent.

 

[Redpossum]

The only downside to dropping the Medicare happens if you try to reinstate it, for instance if you move back to the U.S. There is a stiff penalty in the form of a greatly increased monthly cost. And it is permanent.

I'm not sure what you mean by "dropping". Is part B on by default or off? What I saw at the medicare website seemed to say you have to sign up for it.

 

[Johnny]

I'm not sure what you mean by "dropping". Is part B on by default or off? What I saw at the medicare website seemed to say you have to sign up for it.

I got it automatically.

 

[QuilmesSlo]

The only downside to dropping the Medicare happens if you try to reinstate it, for instance if you move back to the U.S. There is a stiff penalty in the form of a greatly increased monthly cost. And it is permanent.

Is a very personal decision but I would strongly advise against cancelling Part B coverage unless you are confident you won't return to the US at some point.