Mark: excellent post! Sounds very much like my wife and me and some of the conversations we've had while vacationing. I particularly appreciated the comment: "preallocate the vacation budget and mentally treat it as already spent"! Gotta work on that approach for our future travels!
I am not taking SS yet, but am in year 3 on Medicare A&B. When that began, I was on the automatic quarterly billing cycle. I prefer as much stability from month to month for expenses, so requested monthly billing and that was granted. In the online conversation with the Medicare representative, I was assured the monthly billing cycle would continue when I began receiving SS benefits.
Ok, so perhaps a better term is "asset". Regardless of how it was earned or how it is (or is not) taxed, it is $ available to be used. I agree it is not current income, but a very likely a direct result of previous income.
For us, it wasn't replacing any specific % of working income, it was when our income streams would more than cover our expenses (yes, calculated with a ... spreadsheet) and also allow us to continue to save each month. Our pensions have a COLA which has more than kept up with Medicare and other increased costs. My wife started receiving social security in February and all that goes into savings. So, we don't anticipate needing to tap into our T-IRA, Roth IRA's, or savings accounts in order to pay monthly bills. While I hope that our politicians do something positive to save social security with no benefits reduction, even if reduced benefits happen it won't interfere with our retirement lifestyle.
I appreciate that CRFB lays out a number of actions to deal with the pending benefit reduction. The CRFB website has what they call "the reformer", which allows users to experiment with the various elements of the SS benefit formula and figure out a method to keep SS funded. Surely, our politicians can find a strategy or multiple strategies which all of us, whether future or current earners and current or future recipients, can share in funding!
Social Security and its future is commonly discussed here, and rightly so. Yesterday's newspaper included an op-ed piece credited to the Las Vegas Review-Journal. Evidently, a group of 8 senators (3 democrats, 4 republicans, 1 independent) have put forth something called the Promise Act. This proposal "directs the Social Security Advisory Board to hold public meetings intended to gather input about possible reforms to fortify SS and then develop legislation for both House and Senate consideration". It also notes "the purpose is to get members on the record one way or the other as older adults face threatened benefit cuts if structural deficiencies of SS aren't addressed". Since all I know about the Promise Act is based on a relatively short op-ed, I need to do some further reading about it. I just believe that for a long time, there has been little or no information in the news about legislative activity to keep SS alive and well. So, this Promise Act may be the start of something good. UPDATE: please understand I am referring to The PROMISE Act (Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act) rather than the similarly named American Dream and Promise Act.
The day after I retired, my neighbor, who owns a funeral home, asked me what I was going to do with all my time. I told him a few things I planned to do and he asked me to consider doing part-time work for the funeral home. So, I now work visitations and funerals, drive the hearse, and other odd jobs for the funeral home. My last school administration position was as director of finance and human resources. I tell people now that I am still in human resources, just a different type...
Comments
Mark: excellent post! Sounds very much like my wife and me and some of the conversations we've had while vacationing. I particularly appreciated the comment: "preallocate the vacation budget and mentally treat it as already spent"! Gotta work on that approach for our future travels!
Post: The Intentional Spendthrift
Link to comment from August 21, 2026
I am not taking SS yet, but am in year 3 on Medicare A&B. When that began, I was on the automatic quarterly billing cycle. I prefer as much stability from month to month for expenses, so requested monthly billing and that was granted. In the online conversation with the Medicare representative, I was assured the monthly billing cycle would continue when I began receiving SS benefits.
Post: Preparing for SS at Age 70….. How Do I Transition to Monthly Part B Premium Deduction?
Link to comment from August 19, 2026
Those ads seem to be the equivalent of the soap opera drivel during which they are shown.
Post: Medicare Advantage Part C — Not too soon to start planning for 2027
Link to comment from August 15, 2026
Ok, so perhaps a better term is "asset". Regardless of how it was earned or how it is (or is not) taxed, it is $ available to be used. I agree it is not current income, but a very likely a direct result of previous income.
Post: Income taxes on retirees with Social Security
Link to comment from August 15, 2026
And we hope they continue to do so!
Post: Income taxes on retirees with Social Security
Link to comment from August 15, 2026
For us, it wasn't replacing any specific % of working income, it was when our income streams would more than cover our expenses (yes, calculated with a ... spreadsheet) and also allow us to continue to save each month. Our pensions have a COLA which has more than kept up with Medicare and other increased costs. My wife started receiving social security in February and all that goes into savings. So, we don't anticipate needing to tap into our T-IRA, Roth IRA's, or savings accounts in order to pay monthly bills. While I hope that our politicians do something positive to save social security with no benefits reduction, even if reduced benefits happen it won't interfere with our retirement lifestyle.
Post: What is the right percentage?
Link to comment from August 9, 2026
I appreciate that CRFB lays out a number of actions to deal with the pending benefit reduction. The CRFB website has what they call "the reformer", which allows users to experiment with the various elements of the SS benefit formula and figure out a method to keep SS funded. Surely, our politicians can find a strategy or multiple strategies which all of us, whether future or current earners and current or future recipients, can share in funding!
Post: Taxing Social Security benefits
Link to comment from August 6, 2026
Social Security and its future is commonly discussed here, and rightly so. Yesterday's newspaper included an op-ed piece credited to the Las Vegas Review-Journal. Evidently, a group of 8 senators (3 democrats, 4 republicans, 1 independent) have put forth something called the Promise Act. This proposal "directs the Social Security Advisory Board to hold public meetings intended to gather input about possible reforms to fortify SS and then develop legislation for both House and Senate consideration". It also notes "the purpose is to get members on the record one way or the other as older adults face threatened benefit cuts if structural deficiencies of SS aren't addressed". Since all I know about the Promise Act is based on a relatively short op-ed, I need to do some further reading about it. I just believe that for a long time, there has been little or no information in the news about legislative activity to keep SS alive and well. So, this Promise Act may be the start of something good. UPDATE: please understand I am referring to The PROMISE Act (Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act) rather than the similarly named American Dream and Promise Act.
Post: Short term and long term Social Security planning
Link to comment from August 5, 2026
The day after I retired, my neighbor, who owns a funeral home, asked me what I was going to do with all my time. I told him a few things I planned to do and he asked me to consider doing part-time work for the funeral home. So, I now work visitations and funerals, drive the hearse, and other odd jobs for the funeral home. My last school administration position was as director of finance and human resources. I tell people now that I am still in human resources, just a different type...
Post: How Did You Find Paid Work After Retiring from Your Primary Career?
Link to comment from July 31, 2026
And the $2K cap is only on certain drugs!
Post: 2025 and Medicare Rx
Link to comment from July 29, 2026