Age 67 legislation reintroduced

One consideration for working to 65 or 67 is IRMAA. After you retire you are generally required to enroll in Medicare at 65 or the year you stop working whichever is later.

Your Medicare premiums are determined based on your AGI two years prior. If you retire in 2025, your 2023 income is used to determine your Medicare premium.

if you made less than $106k single / $212 married filing jointly in 2023 , your monthly 2025 Medicare premium is $185.
If you make between $200k-500k single / $400k-$750k married filing jointly in 2023 , your monthly 2025 Medicare premium is $591.90.

Since we are all high income people we probably won’t care about paying $7200 annually for Medicare at 65 vs $2200 annually.

It’s just a consideration for you and your financial planner on deciding when to retire.

Then in 2027 you can file an appeal to reduce your Medicare premium commensurate with your 2025 AGI. If your AGI drops below the $200/$400k threshold, your Medicare premium doesn’t reduce automatically, you’ll have to appeal for reconsideration to get a lower Medicare premium.
 
Which brings up a question I have. I've been out since 60. Blessed to have worked at a place with a six figure pension and took 12% out of your pay for a retirement fund. Wasn't for that I'd likely not retired at 60. Plus, being single is huge. What is a good income number in retirement? Obviously, the bigger that number the longer you need to stay in the rat race.
 
Cherokee_Cruiser said:
At what age does one become, or can be co soldered, a boomer? @SteveC se is me membership :)
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For the sake of this discussion, I believe most are referencing those who are facing mandatory retirement in the next 5 years. Those that now want to freeze things where they are, at the top paying and best schedules of their career. I think they would all sing a different tune if you suddenly brought back every recent retiree at their old seniority. Suddenly, those boomers who are crowing now for the elimination of retirement age would be back on the side of mandatory retirement.
 
Kingairer said:
For the sake of this discussion, I believe most are referencing those who are facing mandatory retirement in the next 5 years. Those that now want to freeze things where they are, at the top paying and best schedules of their career. I think they would all sing a different tune if you suddenly brought back every recent retiree at their old seniority. Suddenly, those boomers who are crowing now for the elimination of retirement age would be back on the side of mandatory retirement.
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I think those gone should be gone, only let those fly beyond 65 after the date that Age 67 passes. No retro.


On a side note, age 50 qualifies for AARP membership :aghast:
 
Cherokee_Cruiser said:
I think those gone should be gone, only let those fly beyond 65 after the date that Age 67 passes. No retro.


On a side note, age 50 qualifies for AARP membership :aghast:
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Of course they will be, and I doubt any airline wants or has a mechanism to give back seniority to those who already left. The point is that the arguments about "remove the age altogether" are all selfish because those making the argument are now at the top; if they weren't, 95% of them wouldn't be making that argument.
 
poser765 said:
certainly can’t take it with you, but you can give it away. I have a son that’s special needs and I want to leave him and my daughter enough that they’ll be taken care of when mom and I are gone.
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Everyone has a different story and that's of course great of you to want to set your son up for success.

My commentary was a bit more aimed at the pro 67 crowd that wants to get theirs in spite of everyone else.
 
bike21 said:
Everyone has a different story and that's of course great of you to want to set your son up for success.

My commentary was a bit more aimed at the pro 67 crowd that wants to get theirs in spite of everyone else.
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Sure, I get you. I think I was more responding to your post in the context of working to 67 or punching out early.

For one reason or another I think most of will go to 67 just like most of go to 65 now. It sucks. I’d rather not, but it is what it is.
 
It’s funny. I have two consistent but opposing feelings about 67 and they cancel each other out.

The pro side for me likes it because at my age (51) I’ll get more time to have this career. I was many things before this and contain multitudes still; I like the job and what I do. It’s still fun. I hope it continues to be.

The con side looks at our seniority list, and my place on it, and upgrade that runs 8 years right now. Everyone says “it’s gonna come down” but I don’t see how it will happen without some significant events of dubious probability.

<shrug> I’m choosing to look at it as no real downside one way or another, especially since I have zero control over how it shakes out.
 
woodreau said:
One consideration for working to 65 or 67 is IRMAA. After you retire you are generally required to enroll in Medicare at 65 or the year you stop working whichever is later.

Your Medicare premiums are determined based on your AGI two years prior. If you retire in 2025, your 2023 income is used to determine your Medicare premium.

if you made less than $106k single / $212 married filing jointly in 2023 , your monthly 2025 Medicare premium is $185.
If you make between $200k-500k single / $400k-$750k married filing jointly in 2023 , your monthly 2025 Medicare premium is $591.90.

Since we are all high income people we probably won’t care about paying $7200 annually for Medicare at 65 vs $2200 annually.

It’s just a consideration for you and your financial planner on deciding when to retire.

Then in 2027 you can file an appeal to reduce your Medicare premium commensurate with your 2025 AGI. If your AGI drops below the $200/$400k threshold, your Medicare premium doesn’t reduce automatically, you’ll have to appeal for reconsideration to get a lower Medicare premium.
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Bold of you to assume that particular public benefits scheme will still exist when any of us go to enroll.
 
killbilly said:
It’s funny. I have two consistent but opposing feelings about 67 and they cancel each other out.

The pro side for me likes it because at my age (51) I’ll get more time to have this career. I was many things before this and contain multitudes still; I like the job and what I do. It’s still fun. I hope it continues to be.

The con side looks at our seniority list, and my place on it, and upgrade that runs 8 years right now. Everyone says “it’s gonna come down” but I don’t see how it will happen without some significant events of dubious probability.

<shrug> I’m choosing to look at it as no real downside one way or another, especially since I have zero control over how it shakes out.
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As I said above, I have almost zero real hope that there will be 2 humans at the front when I’m eligible to retire whether at 67, 65, or 60, so I’d much rather have the churn keep moving while I’m “young” (he said staring down the barrel of 40)
 
Roger Roger said:
As I said above, I have almost zero real hope that there will be 2 humans at the front when I’m eligible to retire whether at 67, 65, or 60, so I’d much rather have the churn keep moving while I’m “young” (he said staring down the barrel of 40)
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The barrel you’re staring down at 40 is preferable to abyss you’ll stare down at 50.
 
killbilly said:
The barrel you’re staring down at 40 is preferable to abyss you’ll stare down at 50.
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Just wait until nearly 72😉

Over the years since my retirement at 65 (not from the aviation community ), I haven’t had many bad or challenging days.

I chose to get out of the game at the earliest possible moment. Monthly income might have been a bit higher if I pulled the trigger a couple years later but my choice was predicated almost entirely on quality of life (as I define it) and I’m fortunate to find much joy in the very simple things which cost nearly nothing.

Six+ years now (and hoping to beat the “average” lifespan with decent health, despite knowing it’s a crapshoot), and not a single regret.

YMMV but it’s a lifestyle I strongly recommend.
 
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