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 ...
2035? Oh well, the youngsters will just have to pay more taxes to cover the old depends generation.
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.
Retired folks should get at least minimum wage for doing nothing because we do it very well.
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).
The Advantage is no advantage when one finds out it won’t cover something.
...and the Vandals, Visigoths and Ostrogoths.
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.
Was that a Jeffrey Toobin reference?
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.
My medical bills for this year are (so far) well over 400 thou.
Thank God for medical supplements. And I am a senior.
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.
I’ll second that!!
I read this the other day, and immediately thought...
...we haven’t seen anything yet. Next year it may be double
digits.
There is a real lockbox—honest.
I kid you not.
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!
6.1%? LMAO I may as well start rounding up the neighborhood pets in six months....only half joking.
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.
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.
If they are still working they may get an increase in their SS check from those earnings.
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