You’re showing your age with that reference!
Posted on 10/13/2021 5:52:54 AM PDT by blam
C-O-L-A Cola!
Or some state or local tax will jump in also making the increase a net loss.
And as the dollar bill was floating towards your fingers the IRS swooped in and grabbed it, no?
Yup.
As will normal taxes seniors pay so it’ll be a wash.
You’re showing your age with that reference!
So the social security fund will just become insolvent sooner, that’s all, no big deal. /sarc
Unless you are getting the minimum SS amount, it is difficult to understand how the Medicare premium will eat up a 5.9% increase in your overall pension. What is your Medicare premium now?
It’s not just the Medicare premium that will rise. My supplemental insurance premium will rise also.
Hmmm. 5.9% should easily make up for the 30% increase in most good folks need these days. Just think, a year ago we were energy independent. I wonder what happened.
We’ll see. Lately SS checks are being used as leverage. Threats of cutting the checks off because of debt ceiling (mentioned yesterday) or cutting off checks to those that haven’t gotten the jab (mentioned a couple of weeks ago), are coming up and these maniacs are brazen enough to try something like that.
Here are the current rates:
https://www.cms.gov/newsroom/fact-sheets/2021-medicare-parts-b-premiums-and-deductibles
IF you are AVERAGING over the past 10 years:
4 years out of 8 years, Obama gave us ZERO.
That certainly twists your AVERAGING.
I worked 50+ years & don’t ever remember getting a COLA. Usually got a raise by finding a better job. The few (very few) raises we got could not be considered COLA increases; they were too small.
When we're actively working, we have the option to find better paying employment. That is different from being retired and depending on monies you placed in retirement accounts decades ago.
The point I was trying to make is that the money a person puts into a retirement account like SS, union pension, annunity - is devalued through inflation caused by our government. Just for example, let's say I put $500 into my union pension account when I'm 21. Or let's say I put $500 into a retirement annunity when I'm 21. That $500 may only be worth $250 or less by the time I retire. Why was MY retirement money devalued. It was caused by our government printing money. This is called monetizing debt. Something pension funds and anunities (insurance companies) take full advantage of.
The government applies COLAs to SS benefits based on inflation as dictated by law. This is the right thing to do. A similar law should be applies to all pension/retirement accounts where the one funding the account is the retiree - IMHO.
My supplemental plan F is pricey.
Paid for it four years running and then I got serious cancer. Saved me mucho-mucho. Hardly paid a dime for Chemo Infusion, surgeries, chemo pills, and dozens of Doctors over 20 month battle. Without it I would have had to pay 100 to 150k for my 20%.
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