Posted on 10/05/2021 4:23:15 AM PDT by where's_the_Outrage?
Although Social Security has been around for a long time, the program continues to evolve. And one positive change that has the potential to arise in the near term is a generous cost-of-living adjustment, or COLA.
COLAs are the annual raises seniors on Social Security are entitled to. They're not guaranteed, and there have been years when seniors have gotten no boost to their benefits at all.
A nice windfall could be on the way
In recent years, Social Security's COLAs haven't been much to write home about. In 2021, seniors saw their benefits increase by 1.3%. In 2020, they went up 1.6%.
But next year, seniors could see their incomes rise substantially. The reason? Social Security increases are tied to inflation, and based on the data we have so far, there's reason to believe that benefits will increase by 6% or more come 2022.
(Excerpt) Read more at msn.com ...
How slithy the MSM? If things cost more the COA adjustment is no windfall it is just treading water. Lipstick on a pig.
Slivey
‘Twas brillig, and the slithy toves Did gyre and gimble in the wabe; All mimsy were the borogoves, And the mome raths outgrabe.
For many years the formula that calculates the COLA has been fiddled to minimize it.
What chances they’ll stop that now? We retirees aren’t a Democrat constituency (until we die).
Guess whose taxes are going up and resulting in a net loss?
I believe they removed the cost of food and the cost of energy from the inflation formula. What a joke.
So what? They will increase the cost of Medicare and the new rates announced for Part D have already exceeded the ‘generous’ increase. And the drones we have in DC still won’t change the law to let Medicare negotiate drug prices.
It's not a windfall, the increase will help keep up with the loss of purchasing power due to government deficit spending.
With speculation that SS will have shortfall problems in a few decades, I’m going to start collecting when I retire rather than wait for full retirement age.
A nice windfall could be on the way...
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The MSM putting a spin on hyperinflation.
Medicare will increase 10%
Well, the source is Motley FOOL.
Yep, Medicare will raise their rates 6% and those on SS will get screwed, again. It happens everytime there's a "raise", Medicare takes it away...every...single...time.
Yepp - from where’s the money being taken to pay for the increases? Must be from the feral givernment’s budget surpluses? Taxes on the wealthy? /s
Here’s what really is going to happen to retirees with social security(”SS”) payments.
There will be an SS increase. There will also be an increase in Medicare premium. See it now, then presto magic - it’s gone. Feel better now?
It would not be surprising if at some point in the future, the SS will decrease because of greater Medicare expenses. Time to print more money.
The true “windfalls” those of us on SS got were the several “COVID stimulus checks.” That money originally was to go to folks whose paychecks were hurt by the plague, but our wonderful politicians decided to buy votes with it instead.
The SSTF will be exhausted in 2034. The Medicare Trust Fund will be exhausted in 2026. Both systems are unsustainable.
“With speculation that SS will have shortfall problems in a few decades, I’m going to start collecting when I retire rather than wait for full retirement age.”
That is a question of what you want to do with the income between 62.5 and 67 years old. That is 12.5 and 17 years away from me personally, I have no plans on stopping my income stream during that time and all those dollars I will be paying towards SS and federal taxes.
What has happened over the past 6 decades for this child of a of early 70s has made it clear to me. I will be working or actively investing in some manner until I am dead.
Seeing that the mean old man is in charge, and that he hates Americans, I doubt there will be much of an increase. The money is needed for the haitians and the afghans.
40% of Medicare costs are funded by the General Fund. By law, only 25% of Medicare Part B costs are funded thru the revenue collected by payroll taxes. The other 75% comes from the General Fund.
I started collecting when I was 67 and still working. I have banked all the money for the past four years. The decision to collect or wait until I am 72 was “actuarially neutral” (I did the math) at 6% rate of interest and assuming standard mortality tables.
My decision was driven by the observation that I don’t trust the bastards. I expect Social Security to take a hair cut, and possibly even be means tested. (Saving money in banks and IRA’s exposes one to that risk.) Medicare is already effectively means tested, to some extent. My wife and I pay the max. In 2016 I made just $17 dollars (for the whole year) to trigger the medicare threshold. That seventeen bucks cost me and my wife about $2400 dollars in medicare fees in 2017. I could have found a way to make $17 dollars less, but it was my first year on medicare and I was not aware of the skullduggery.
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