Posted on 03/31/2011 4:29:42 PM PDT by triumphant values
Charlie Maglio, a retired security guard who lives in Greenacres, has grown accustomed to Social Security benefits that don't seem to rise in line with his cost of living.
"Living expenses go up, but our Social Security checks don't go up," Maglio said. "People like to get a raise every once in a while."
There's no raise on the horizon, however, as rising health care costs threaten to negate a planned increase in Social Security payments that would be the first in two years.
The federal government projects a small cost-of-living adjustment for Social Security benefits next year, the first increase since 2009. But for most beneficiaries, rising Medicare premiums will wipe out any increase in payments, leaving them without a raise for a third straight year.
About 280,000 Palm Beach County residents receive Social Security benefits. Nationally, about 45 million people - one in seven - receive both Medicare and Social Security. By law, beneficiaries' Medicare Part B premiums, which cover doctor visits, are deducted from their Social Security payments each month.
When Medicare premiums rise more than Social Security payments, millions of people living on fixed incomes don't get raises. On the other hand, most don't get pay cuts, either, thanks to a provision that prevents higher Part B premiums from reducing Social Security payments for most people.
(Excerpt) Read more at palmbeachpost.com ...
I was in a bar last weekend in Fairfax County, and there was a lady proudly proclaiming they were again the richest county in America. Her jaw about hit the floor with four others when I said loudly being the biggest leech in the pond was nothing to be proud of.
I’m hard pressed to find sympathy when I see the social security taxes deducted out of my paycheck that I will never see. Or even if I do see them the value will be a fraction of what I paid into them.
how many people’s incomes have risen over the past couple of years???
Ouch ! That must have gone over well .
Depends on which people you mean: private sector, government "workers"; or POLITICIANS & STAFFERS?
Since Sept 2009:
1) 20% pay CUT
2) Increase of hours
3) Increase of work duties
4) eliminated Health care plan to save money
5) working harder than EVER to keep company afloat.
I am in logistics—also doing sales—in a small print company.
From the posts I see on FR, I know I’m not alone.
But today, I kid you not, you can not drive a half a mile down there without seeing a shiny new federal facility or one under construction. It's mind boggling. I was just below a simmering livid my whole stay. I had one nerve left and that lady snapped it.
These articles do nothing more than rile up the younger generation against the old... as none of us in Generation X and beyond will ever see a single penny in what is taken from us each and every paycheck to pay for benefits for others.
To be fair this guy did pay his Social Security taxes while he worked. Typically he will draw more than he ever paid but if the government had invested his contributions he might have more than he gets on SS.
If I had my way, everyone under 30 would be out of the system, no more taxes, nothing at 65. Those between 30 & 50, get what they and their employers put in all their lives, in a lump sum to do as they please. Anyone between 50 & 65 gets the choice, take your lump sum, or continue as is. Those already retired continue getting wheat they'll get.
My reasoning is as follows:
Those in their 20s have enough time to make wise choices. They can fund a retirement.
Those in their 30s & 40s had a lot taken out, but if they got it back, they can make up for lost time.
Those 50 - 65 may or may not be able to make it depending on circumstances. If they can't, they've lost too much time to recover, but if they think they can let them have their money.
Those retired were made a promise by the weasels we call politicians, It's too late and they need what their getting.
Is my idea perfect? No, but what is. At least it will gradually unwind the system, and not entrap new people. Within about 30 or 40 years Soc Sec costs will be a small part of the budget, young people will have control of their money and we'll stop piling up massive Chinese debt.
The last piece of my idea is to eliminate taxes on savings and investments, let everyone save what they can. Again bring taxes down to a sane level.
Invest in what? How does the government "invest" in something?And how, if they did, would they choose what to invest in and not be fascist?
Do they buy stock? And what about when they have to sell that stock to cash out to pay benefits? The whole government "investing" forced extractions leads to even worse probable ends.
So where do we get the tens of trillions to fund the boomers and pay the lump sums?
My neighbor brags that he's recieved hundreds of times what he paid in SS. I want all the entitlements ended.
/johnny
I would say we borrow it. Yes I know we're sinking in debt, but these will be one time payments, not ongoing "untouchable" spending. With people no longer paying FICA, everyone gets a defacto raise. The self employed get a double raise. IMHO, that has to kick start the economy. Also, no more payroll taxes, so businesses can hire more.
Pie in the sky? Possibly, but we all know that tax cuts give the economy real growth, so this borrowing for Soc Sec will be a little painful at first, but the pain will decrease over time rather than increase.
As I see it, we borrowed $900 bill for a stimulus last year and basically flushed it, nobody knows where it went. This will be a defined amount, that will decrease as the number of current retirees decrease.
Anyway, it's an idea and more than I've heard from either party in Washington
I haven’t had a raise in over 4 years. I still have a job and benefits, for that I am thankful for.
Speak for yourself, FRiend. I would dearly love to have been able to invest for myself all those $$$$$$$ I was forced to pour down that rathole -- to be stolen by libs or given to deadbeats!
My return on that "investment" is by far the worst of any place I ever put my money. Don't begrudge those of us who worked our @$$3$ off our entire lives the piddling return we get back!
We (by choice) retired on the old family farm several miles out of town. Gas prices alone are eating up -- ahead of time -- far more than any little "raise" we might hope to get.
Slightly. Between exemptions and lump sums, you're talking about borrowing at least 300% of GDP. On top of what we already have.
I just posted I haven’t had a raise in over 4 years. I have also had my hours cut and must do the same, plus more work to keep the business going. Increased pay towards my health care, which I cannot complain about since I’ve read what others pay.
But you're not getting a return. You're just getting some 43 year old guys' income tax transferred to you. Just like when you were 43 that money was transferred to someone 66.
So it's just welfare. Your argument is no different than somebody saying "I was forced to pay x dollars in income taxes, therefore my getting foodstamps isn't welfare until I get x + 1 dollars back"
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