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Social Security remains on track for biggest raise in 40 years
khou.com ^ | 12:20 PM CDT September 17, 2021 | Andrew Weil

Posted on 09/22/2021 7:12:29 PM PDT by entropy12

WASHINGTON — The cost-of-living-adjustment for Social Security recipients next year remains on track to be the biggest in decades, according to the latest estimate from a non-partisan advocacy group for senior citizens.

The annual Social Security cost-of-living adjustment (COLA) is announced in October by the Social Security Administration.

The Senior Citizens League said Tuesday it expects COLA for 2022 to be 6% to 6.1%, based on consumer price data through August. One more month of data will be factored into the final calculation before its announced by the Biden administration.

If the 6.1% estimate holds, it would be the highest cost-of-living increase for Social Security since 1982.

(Excerpt) Read more at khou.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: 2022; raise; security; social
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To: LouAvul

2035? Oh well, the youngsters will just have to pay more taxes to cover the old depends generation.


21 posted on 09/22/2021 8:06:45 PM PDT by entropy12 (President Trump was the best president in my life time of 81 years and counting..)
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To: entropy12

That part is cheap and you can get a Medicare advantage plan for that price including generic drugs. You get what you pay for though. At $152 if that’s what it is, add on my Cigna premiums of $262 and then a cheap drug plan of $45 and add it all up. More like $450 each per month for decent coverage. Over10k per year for two.


22 posted on 09/22/2021 8:11:50 PM PDT by sanjuanbob
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To: drSteve78

Retired folks should get at least minimum wage for doing nothing because we do it very well.


23 posted on 09/22/2021 8:13:28 PM PDT by bigbob
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To: Owen

Cobra insurance to keep the same medical coverage as one had while working, can cost $525 a month (although it only lasts 18 months, it’s often used to plug the gap in coverage between retiring and going on Medicare).


24 posted on 09/22/2021 8:31:22 PM PDT by WildHighlander57 ((The more you tighten your grip, the more star systems will slip through your fingers.) )
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To: sanjuanbob

The Advantage is no advantage when one finds out it won’t cover something.


25 posted on 09/22/2021 8:32:19 PM PDT by WildHighlander57 ((The more you tighten your grip, the more star systems will slip through your fingers.) )
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To: FLvoter
Yet we fund PP, NPR, international charity pyramid schemes, “wars” and on and on and on.

...and the Vandals, Visigoths and Ostrogoths.

26 posted on 09/22/2021 8:33:04 PM PDT by Stentor ( )
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To: LouAvul

Yeah, either one hand doesn’t know what the other is doing, or there are some OTHER shenanigans going on we don’t know about.


27 posted on 09/22/2021 8:43:15 PM PDT by telescope115 (Proud member of the ANTIFAuci movement. )
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To: telescope115

Was that a Jeffrey Toobin reference?


28 posted on 09/22/2021 8:46:44 PM PDT by doug from upland (Why the hell isn't Hillary Rodham Clinton in prison yet?)
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To: napscoordinator

I’m shocked at the people who actually think they don’t pay a premium for
their Medicare . Just heard another one today say that. And the gov doesn’t even try to hide it. It’s right there on the notice you get every year that tells you how much you get after the Medicare payment is taken out. They don’t even read it! And if you tell them that they do pay for it, they still insist that it’s free.

They probably still believe in Santa Claus too.

No wonder they fall for the blather from the left.


29 posted on 09/22/2021 8:46:46 PM PDT by Let's Roll ("You can avoid reality, but you cannot avoid the consequences of avoiding reality" -- Ayn Rand)
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To: Owen

My medical bills for this year are (so far) well over 400 thou.
Thank God for medical supplements. And I am a senior.


30 posted on 09/22/2021 8:46:57 PM PDT by telescope115 (Proud member of the ANTIFAuci movement. )
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To: LouAvul
Weird, right? They say it's going to be bankrupt in 2035. Then they moved it forward to 2034. Now they're giving a raise.

When taking money out of the lockbox, the government has to borrow, raise taxes, borrow, reduce other spending (HA!) or borrow to cover it. If there was never a lockbox, the options and amount would be exactly the same down to the penny. The lockbox is an accounting fiction with no real money in it. Social Security was broke when the lockbox had to be tapped, not when it will be empty.

31 posted on 09/22/2021 8:47:33 PM PDT by KarlInOhio ("Anti-fascist" is from the official name of the Berlin Wall: Anti-fascist Protection Barrier.)
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To: bigbob

I’ll second that!!


32 posted on 09/22/2021 8:47:51 PM PDT by telescope115 (Proud member of the ANTIFAuci movement. )
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To: entropy12

I read this the other day, and immediately thought...

...we haven’t seen anything yet. Next year it may be double
digits.


33 posted on 09/22/2021 8:59:03 PM PDT by DoughtyOne (Biden = Green Light to > China, N. K., Russia, M/E Terrorists, FBI, CDC, MSM, & the Left...)
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To: KarlInOhio

There is a real lockbox—honest.

I kid you not.

https://wallstreetexaminer.com/2017/03/social-security-trust-fund-just-stack-ious-west-virginia-filing-cabinet/

You can make your own lockbox.

Every day just take out a piece out of paper and on write “I owe myself one million dollars.”

Then put that piece of paper in a locked filing cabinet.

Lockboxes are fun for the entire family!


34 posted on 09/22/2021 9:04:49 PM PDT by cgbg (A kleptocracy--if they can keep it. Think of it as the Cantillon Effect in action.)
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To: cgbg

35 posted on 09/22/2021 9:07:34 PM PDT by dfwgator (Endut! Hoch Hech!)
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To: entropy12

6.1%? LMAO I may as well start rounding up the neighborhood pets in six months....only half joking.


36 posted on 09/22/2021 9:08:54 PM PDT by Karliner (Heb 4:12 Rom 8:28 Rev 3, "...This is the end of the beginning." Churchill)
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To: hardspunned

37 posted on 09/22/2021 9:10:12 PM PDT by dfwgator (Endut! Hoch Hech!)
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To: All

I’ll add one more thing to this SS thread. For the youngsters, the reason this turned into a Medicare thread is Medicare auto triggers at 65 and the premium will be $158 next year. It automatically is deducted from the SS payout.

The item worth noting is SS is tax free if your total income (single, more married) is under $25,000. Total means SS plus pension or IRA extraction. So SS rising moves you closer to taxable threshold.

And here’s a Medicare item for the oldsters. Medicare Advantage (part C) is usually premium free, but you pay lots of co-pays with seeing docs and having procedures. The drug benefit is built into the Advantage plan. Out of pocket max per year for Advantage is about $5500. Which is not too far off from a supplement yearly premium payments.

There will be guys reading this that will want to relay horror stories they have heard about Advantage. Here’s the key point: Supplement plans paid a higher commission to Agents than Advantage did up to just a few years ago. That’s where the horror stories came from. Commissions are about the same now and Advantage folks are expected to be 50% of retirees by 2028 I think is the time frame.


38 posted on 09/22/2021 9:48:42 PM PDT by Owen
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To: Owen

Also, those who get Social Security but are still working... are still having to pay Social Security taxes which are deducted from their paychecks.

Someone gets a Soc. Sec. check, but minus Medicare premiums and minus Soc. Sec. taxes from their paycheck,,,basically.


39 posted on 09/22/2021 10:12:39 PM PDT by Cedar
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To: Cedar

If they are still working they may get an increase in their SS check from those earnings.


40 posted on 09/22/2021 10:28:42 PM PDT by Az Joe ( "Everything woke turns to shit" ----- Pray, pray hard, pray hard without ceasing for America.)
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