Social Security has a 5.9% COLA coming up in 2022

Redpossum

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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!
 

Redpossum

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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?
 
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Johnny

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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.
 

Utopos

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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

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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

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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

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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.
 
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